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KUCOIN INTENT TO STOP WITHDRAWAL WITH TERRA AND 3AC

KUCOIN INTENT TO STOP WITHDRAWAL WITH TERRA AND 3AC

Crypto exchange KuCoin found itself in the middle of a conversation when the Crypto Twitter sub-community began to warn investors about the impending ban on withdrawals. KuCoin CEO Johnny Lyu, however, was quick to dismiss the untested rumors before taking the plunge.


Prominent crypto statistics on Twitter, including trader @KongBTC and blockchain analyst @otteroooo, have asked their followers to withdraw all their money from KuCoin while saying the exchange could immediately stop all users from withdrawing funds.



Rumors linked KuCoin's intent to halt Terra's withdrawal and collapse with 3AC, which, according to warnings, led to "severe suffering" on the exchange due to high exposure to fallen tokens.



While dismissing the rumors in the tweet above, Lyu highlighted the company's strong position by revealing a recent $ 150 million sponsorship, which put the company at $ 10 billion in May 2022. to make their own decisions in the midst of ongoing FUD - fear, uncertainty and doubt:


"No 'great suffering' for any 'coin collapse,' no plan to stop the withdrawal, everything in KuCoin works fine."

By continuing to distance himself from KuCoin away from rumors of a crash, Lyu has confirmed sharing the company's 2022 H1 review report with detailed information about their operations. Finally, he sent a warning to people who accused KuCoin of shutting down services and creating panic among investors:


"For FUDers intentionally distributing unconfirmed information, KuCoin reserves the right to take legal action. Do not FUD, BUIDL."

Related: Tether CTO denies stablecoin FUD as a short-term trader circle


Tether technology chief Paolo Ardoino recently revealed that the stablecoin Tether (USDT) was under "joint attacks" by hedge funds seeking to temporarily sell the US crypto-pegged asset.



Ardoino said Tether is collaborating with regulators and additional efforts to expose things, as well as noting its recent commitment to finalizing its commercial paper coverage.

Source: cointelegraph




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