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KuCoin defends itself against "scaremongering" - "No payout stop planned"

 


Crypto exchange KuCoin has unintentionally become a topic of discussion, as parts of the crypto community have now rumored on Twitter that the trading platform will also impose a payout freeze. KuCoin boss Johnny Lyu tried to nip the rumors in the bud as much as possible.


Well-known crypto-Twitter voices such as the users @KongBTC and @otteroooo recently urged their followers to clear all their KuCoin balances as quickly as possible, as the crypto exchange is likely to impose an alleged stop on payouts in the near future.



The background to this possible step is an alleged connection between KuCoin and the failed crypto projects Terra and 3AC, which in turn is said to have led to the crypto exchange also getting into payment difficulties.

KuCoin boss Johnny Lyu vehemently contradicts these speculations and makes it clear that his trading platform has no connection to Terra (LUNA), 3AC, Babel Finance or other shaky projects. To further refute these claims, the CEO points to a recent cash injection of $150 million that is said to have boosted KuCoin's enterprise value to a whopping $10 billion. Another sign of strength is that his company continues to hire new employees, while many other crypto companies are currently cutting jobs due to cost concerns.


To this end, Lyu explains:


"We will not be affected by the collapse of any projects, there are no plans to stop payments, KuCoin operations continue as normal."


The CEO intends to provide the relevant evidence by soon publishing the company report for the first half of 2022. Users and observers could then take all relevant information about the status of the trading platform from this. In conclusion, however, Lyu does not just leave it at appeasements and apparent transparency, but also threatens the propagators of these speculations with “legal action” in the worst case:


“To the scaremongers who are intentionally spreading this unconfirmed information, I say: KuCoin reserves the right to take legal action. Please stop this scaremongering.”

Tether boss Paolo Ardoino recently announced that the market-leading stablecoin Tether ( USDT ) was also subject to a "coordinated attack" by hedge funds who wanted to pull down the US dollar stablecoin with short positions.



In view of the current imbalance on the market, there could also be targeted attacks behind the supposed "scaremongering" about some crypto projects, but it is nevertheless important to note that faltering companies are also using all means to defend themselves against the impending loss of trust, which could further increase their problems .


For example, the crypto exchange Voyager Digital announced at the beginning of the week that it would continue to operate as usual, only to impose a payout freeze a few days later.

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