August 14, 2022

Johnny Liu denies possible default of KuCoin crypto exchange

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2 minutes.

Johnny Liu denies possible default of KuCoin crypto exchange

The CEO of the KuCoin trading platform stated that the exchange is operating as normal, without experiencing any difficulties due to the insolvency of LUNA and TAC.

Johny Lyu denied all rumors about a possible default of the exchange and assured that the platform had nothing to do with LUNA or Three Arrows Capital (TAC).

“I don’t know who is spreading these rumors and whattheir intentions, but KuCoin has nothing to do with LUNA, TAC and Babel. No "huge problems" from any "crash of the cryptocurrency", no plans to stop the withdrawal of assets. Kucoin is working as usual,” said Johnny Liu.

The head of KuCoin assured that the exchange is “oneone of the few platforms that are still hiring." Liu added that just recently, in May, the company raised $150 million at a market valuation of $10 billion.

The KuCoin executive promised to release the company's report for the first half of 2022 to demonstrate the transparency of the business.

Persons who intentionally distributeunverified information, should understand that KuCoin reserves the right to take any legal action against defamation, Liu threatened. His rebuttal came immediately after Twitter user otteroooo urged KuCoin customers to withdraw funds from the exchange immediately.

Recall that in June the cryptocurrency platformCelsius said it is suspending digital asset withdrawals, exchanges and transactions due to "extreme market conditions." A little later, the fall of the cryptocurrency market and the massive liquidation of positions caused rumors that the Singapore-based cryptocurrency hedge fund Three Arrows Capital was on the verge of bankruptcy. Then the Monetary Authority of Singapore (MAS) announced that the TAC cryptocurrency fund, which was on the verge of bankruptcy, was engaged in direct deception of the regulator.