KuCoin CEO Johnny Lyu has denied allegations that the company is having withdrawal problems and is bankrupt, claiming that “everything on KuCoin is operating well.”
After some Crypto Twitter (CT) accounts started speculating about the firm’s financial health, Lyu made the announcement. One of the identities urging customers to instantly remove all of their money was Otteroooo, a Twitter user.
Otteroooo tweeted in all uppercase, “WITHDRAW FROM KUCOIN RIGHT NOW.”
Traditional financial advice or information would usually not be trusted coming from a pseudonymous anthropomorphic otter, but in the world of cryptocurrency, the rules are frequently different. When Otteroooo spearheaded the request for users to join Celsius last month, their trustworthiness increased. After a few days, Celsius stopped allowing withdrawals, putting its customers in the lurch.
Following a claim by the account Miles Deutscher that KuCoin was exposed to Luna’s demise, Otteroooo made his thoughts known.
Deutscher declared: “Hearing some rumors that KuCoin could be halting withdrawals in the near future. Apparently they “suffered immensely” from the $LUNA collapse. If you have funds on KuCoin, consider withdrawing them. After all, it’s better to be safe than sorry given recent events.”
In response to the drama, Lyu tweeted:
“Be aware of FUDs! Not sure who’s spreading these sheer rumors, and what their intentions are, but #KuCoin does not have any exposure to LUNA, 3AC, Babel, etc. No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well.”
He further added:
“Some recent facts about #KuCoin and you can make your own judgment:
– We finished $150 M fundraising at $10B valuation in May.
– We are one of the few platforms that are still hiring
– We are more active in the bear market, launching new features like OCO order, fiat pair…”
Another market expert backed Lyu. According to FatManTerra, there isn’t any solid proof that KuCoin is having any special problems.