Crypto exchange KuCoin found itself in the center of debate whenever a sub-community of Crypto Twitter began warning investors a good incoming ban on funds withdrawal. KuCoin Chief executive officer, Johnny Lyu, was however quick to dismiss the unvetted rumors before they selected up steam.
Prominent crypto figures on Twitter, including trader @KongBTC and blockchain investigator @otteroooo, requested their supporters to withdraw all their funds in the KuCoin while claiming the exchange may soon stop all users from withdrawing funds.
WITHDRAW FROM KUCOIN RIGHT NOW
Not really a drill
virtually no time for thread
like and retweet to spread the content
otter hardly wrong such matters
— otteroooo (@otteroooo) This summer 2, 2022
Rumors linked KuCoin’s intent to prevent withdrawals with Terra’s (LUNA) and 3AC collapse, which based on the warnings, brought to “immense suffer” for that exchange because of high contact with the fallen tokens.
Be familiar with FUDs!
Unsure who’s distributing these sheer rumors, and just what their intentions are, but #KuCoin doesn’t have any contact with LUNA, 3AC, Babel, etc.
No “immense suffer” from the “coin collapse”, no intend to halt withdrawal, everything on KuCoin is working well.
— Johnny_KuCoin (@lyu_johnny) This summer 2, 2022
While dismissing the supposed rumors with the above tweet, Lyu highlighted their strong position by disclosing a current $150 million funding, which placed their valuation at $10 billion in May 2022. Also, he noticed that the organization is presently hiring for multiple positions, requesting investors to create their very own judgment among the continuing FUD — fear, uncertainty and doubt:
“No “immense suffer” from the “coin collapse”, no intend to halt withdrawal, everything on KuCoin is working well.”
Further distancing KuCoin from the insolvency rumors, Lyu confirmed to talk about their 2022 H1 review report with more information regarding their operations. Finally, he sent an alert to folks accusing KuCoin of shutting lower services and creating panic among investors:
“For FUDers who intentionally spread unverified info, KuCoin reserves the authority to take legal actions. Don’t FUD, BUIDL.”
Related: Tether CTO refutes stablecoin FUD as short-sellers circle
Tether chief technology officer Paolo Ardoino lately says the stablecoin Tether (USDT) was susceptible to a “coordinated attack” by hedge funds searching to short-sell the U . s . States dollar-pegged crypto asset.
1/
I’ve been open concerning the attempts from some hedge funds which were attempting to cause further panic available on the market after TERRA/LUNA collapse.
It truly appeared right from the start a coordinated attack, with a brand new wave of FUD, troll military, clowns etc. https://t.co/hhcsgHV1Ow— Paolo Ardoino (@paoloardoino) June 27, 2022
Ardoino stated that Tether is collaborating with regulators and elevated transparency efforts, in addition to noting its recent dedication to phase out its commercial paper exposure.
