KuCoin boss denies halting withdrawals

TL;DR Breakdown
  • KuCoin refutes claims of halting withdrawals
  • The services on the platform are still functioning well
  • Famous figures wary about the market decline

KuCoin, a renowned crypto exchange platform, has come out to refute all claims that it has halted withdrawals across its platform. According to several rumors in the last couple of days, KuCoin suffered heavy losses following the Terra mishap. With this, the rumors claim that the company was battling financial issues, leading to the suspension of withdrawals across the platform. However, the company’s CEO, Johnny Lyu, has taken to Twitter to dispel the ravaging rumor.

KuCoin services are functioning normally

According to the tweet put across by Lyu in the early hours of today, he warned traders always to shun moves that will cause FUDs. He mentioned that he had not been able to get their intentions for the rumors, but the company was in no way connected to the token or company that suffered the losses.

He clarified that everything on the platform is functioning well as it has always been, and there are no immediate plans to change that. That said, Lyu mentioned that KuCoin had not halted withdrawals, nor were they affected by the LUNA mishap. To ensure users have more confidence in the company, the CEO mentioned that its valuation is now around $10 billion. This figure was increased due to the recent series funding the firm closed in May, which was worth $150 million.

Famous figures wary about the market decline

The CEO also noted that the company has been going strong despite the market turmoil that has caused an extensive list of companies to dissolve their staff strength. The CEO has also noted that he intends to pursue legal actions against the people spreading the rumors. In his tweet, he mentioned that the company has always been open about its services. You also mentioned that their Q1 report would soon be available on the platform for users to see what they had done in the last few months.

For users who will continue to spread these rumors, the company will seek legal actions against anyone found guilty. Most of the crypto firms across the market have been suffering a worse fate. Asides from the issue with Terra, the market downturn has been an integral factor that has caused a massive decline in returns across the market. In a recent statement by FTX boss, Bankman-Fried Sam, more companies will go bankrupt if the crypto market doesn’t experience a swift turnaround in the coming months. He also advises investors to ensure they communicate with their crypto exchanges in case something happens to their services.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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