Sunday, September 25, 2022

KuCoin’s CEO Calms Community, Dispels Rumors of Halting Withdrawal

Leading exchange platform KuCoin, today dispelled rumors making the rounds that it plans to halt withdrawals as a result of losses suffered amid the ongoing market turmoil.

In response to the rumors, CEO Johnny Lyu assured the KuCoin community there was no such plan to pause withdrawals.

Cautioning against activities that will lead to panic, Lyu said the firm had no exposure to fallen tokens like LUNA.

“KuCoin is operating well”, he added.

In a bid to build its community’s confidence, Lyu went on to reel out some of KuCoin’s wins despite the ongoing bearish run.

The exchange raised $150 million back in May in a pre-series B funding session bringing its valuation to $10 billion. Jump Crypto led the round and the proceeds were dedicated to improving its infrastructure amongst other things.

In a show of strength, KuCoin is one of the few firms still hiring. After the Terra-LUNA crash and the continued market decline, many firms are forced to downsize. It also continues to include additional features to its service despite the market turbulence.

Recall that, industry giants including Coinbase resorted to trimming their workforce to keep up with the current market conditions.

As part of its advancement plans into the Web3 ecosystem, KuCoin raised a $100 million fund dedicated to new creators in the emerging Web3 era.

To further lay to rest rumors of insolvency, Lyu said the exchange will release the first-half report of its operations.

In conclusion, Lyu threatened legal action against individuals spreading the rumors and creating panic amongst its members.

Community member’s reaction to the rumors

Recent events such as Celsius pausing withdrawals and 3AC becoming liquidated, many investors are wary not to be caught in the cold and as such resorted to panic withdrawal.

Therefore the assurances from Johnny Lyu will go a lot to calm investors who cannot afford another round of losses.

KuCoin is one of the largest cryptocurrency exchanges with over 750 coins available for trading with minimal trading fees.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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