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Cryptocurrency change KuCoin has fully refuted rumors that urged that them halting withdrawals on their platform owing to heavy losses suffered because of the LUNA collapse.

Johnny Lyu, the CEO of KuCoin has come out clear on the matter earlier at present. In one of his latest tweets, Lyu wrote:

Be conscious of FUDs! Not certain who’s spreading these sheer rumors, and what their intentions are, however KuCoin doesn’t have any publicity to LUNA, 3AC, Babel, and so on. No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, every little thing on KuCoin is working effectively.

Instilling confidence amongst KuCoin customers, Lyu additional defined that the crypto change lately completed its $150 million fundraising in May 2022 taking the corporate valuation to $10 billion. He additionally added that whereas many crypto exchanges have introduced layoffs, KuCoin continues to develop with extra hiring even in these vital market circumstances.

Lyu has additional threatened authorized actions towards these attempting to unfold the FUD and maligning the change. He wrote: “Being transparent is always one of our key principles. We will soon publish our 2022 H1 review report where you can know more about our operations. For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions. Don’t FUD, BUIDL”.

The Trouble with Crypto Exchanges

Well, the latest mayhem within the crypto area and heavy corrections has uncovered some of the market gamers who’ve been taking extreme leverage and going through a liquidity crunch. Even some of the largest crypto lenders like BlockFi have been going through dire circumstances.

Sam Bankman-Fried, CEO of crypto change FTX stated that there are various such exchanges below deep water which may announce insolvencies very quickly. In such instances, traders ought to keep utmost prudence and make sure that there’s correct communication and transparency from the crypto change service suppliers they’re related to.

Bhushan is a FinTech fanatic and holds an excellent aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and typically discover his culinary expertise.

The offered content material might embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.