August 14, 2022

The head of KuCoin denied rumors about the insolvency of the company

The head of KuCoin denied rumors about the insolvency of the company

Cryptocurrency exchange KuCoin has no plans to stop the withdrawal of user funds and is not experiencing problems with balance. This was stated by the CEO of the company Johnny Liu.

“Beware of FUD!Not sure who is spreading these empty rumors and what their intentions are, but KuCoin has nothing to do with LUNA, 3AC, Babel [Finance] and others. No “huge suffering” from any “collapse of the coin”, no plans to stop withdrawing funds, everything is working fine on KuCoin,” wrote Liu.

Previously, rumors appeared on the network aboutcompany insolvency. Some influencers reported delays in processing withdrawal requests and encouraged users to transfer assets to other platforms.

According to Liu, KuCoin has enough balance sheet funds to weather the crisis, as the platform raised $150 million in May 2022 at a $10 billion valuation.

He noted that the company continues to hire new employees and launch bear market-oriented tools like fiat pairs and OCO orders.

Liu stressed that "soon" the exchange will publishfinancial report for the first half of 2022. He also stated that KuCoin "reserves the right to prosecute" individuals who spread "unverified information."

Recall that the head of FTX, Sam Bankman-Fried, warned of the “hidden insolvency” of some third-tier bitcoin exchanges.

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