According to the NYSE, over 25,000 such threads have been shared on Twitter. The CEO of the crypto exchange, Johnny Lyu, took to Twitter to console their users and dismiss all the rumors that were continuously spreading. Lyu further stated that the situation is under control at KuCoin and that they have no exposure to Babel Finance, LUNA, and 3AC.
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.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
KuCoin has been trending on Twitter for all the wrong reasons. Some of the well-known hashtags included “#KuCoininsolvent,” “#KuCoinwithdraw,” and “#KuCoinbankrupt.” Unreliable resources asked people to withdraw from their KuCoin wallets as the exchange might soon stop processing withdrawals.
But to calm the investors’ minds, Johnny Lyu gave befitting replies by stating some of the milestones achieved by the crypto exchange and highlighting some of the facts about the company.
More Insight into the Tweets by KuCoin’s CEO:
Lyu confirmed that everything was functioning well at the cryptocurrency exchange and stated that KuCoin just completed raising a $150 million fund at a valuation of $10 billion in May.
He also said that KuCoin is one of the few cryptocurrency platforms still hiring more staff for expansion. The crypto exchange is said to be actively functioning in the bear market and has introduced new features such as fiat pair and OCO orders.
#KuCoin is sticking to our hiring plans despite the downturn. We believe talent is the most important factor to remain competitive in #crypto, and we are actively looking for professionals in R&D, BD, marketing, etc.
— Johnny_KuCoin (@lyu_johnny) June 15, 2022
His tweet concluded by threatening the mongers, creating panic amongst investors about legal action.
But, the information highlights that KuCoin entered into a tactical partnership with Bable Finance in 2019. Also, the report suggested that both companies will soon start working together to develop more financial facilities for their users.