The KuCoin exchange disproves the rumors

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The cryptocurrency market has been losing momentum for several months now. Many actors in the crypto scene have filed for bankruptcy. This devastating situation leads to suspicious rumors about the financial health of the exchanges. The latest target is Kucoin, who vehemently denies the allegations made against it.

KuCoin CEO denies the rumors

On Twitter, a man named Otteroooo claims that KuCoin is insolvent and urges investors to withdraw their funds from the platform. According to the tipster, this information was confirmed by a former employee of the exchange.

In response to these rumors, KuCoin CEO Johnny Liu confidently states that the exchange is by no means insolvent. In support of his claims, he highlights the following elements:

  • A $ 150 million fundraiser was held last May.
  • Current assumption
  • Adding new features to the platform despite the bear market
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Liu also denies any impact on wLUNA. Furthermore, he justifies the presence of a large number of these tokens in KuCoin wallets with the following words: I explained that before the LUNA incident, KuCoin supported LUNA (now LUNC) transactions on two main chains and ERC-20.

Presumption of innocence or presumption of guilt?

As for the $ 500,000 million cash hole, Otteroooo’s Twitter account provides no evidence that this alleged employee actually worked for KuCoin.

KuCoin’s CEO urged his clients to form their own views on the situation. Indeed, many find it difficult to decide which of the two entities to believe. Johnny Liu says he talked to Otteroooo about it. However, the latter cannot be persuaded.

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The bear market didn’t just hurt investor returns. He also contributed his share of doubts and questions. One thing is certain: transparency is the best way to build trust.

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