Cryptocurrency exchange KuCoin denies withdrawal rumors

Cryptocurrency exchange KuCoin has refuted rumors that it will halt withdrawals on its platform due to the heavy losses it incurred due to the collapse of the digital currency LUNA.

KuCoin CEO Johnny Liu broke his silence today and tweeted :

Be Aware of Feelings of Doubt and Uncertainty FUD!

I am not sure who is spreading such rumors, and what their intentions are, but KuCoin has no exposure to LUNA, 3AC…

The KuCoin trading platform is working fine.

Instilling confidence among KuCoin users, Liu further explained that the cryptocurrency exchange recently completed a $150 million fundraising process in May 2022, raising the company's valuation to $10 billion.

He also added that while many crypto exchanges have announced layoffs, KuCoin continues to grow with more hiring even in these critical market conditions.

Liu also threatened legal action against those trying to spread FUD and corrupt the company's business.

He wrote on Twitter:

Transparency is always one of our core principles.

We will soon publish our Q1 2022 Review Report where you can learn more about our operations.

For FUDers who intentionally post unverified information, KuCoin reserves the right to take legal action.

Earlier, Sam Bankman, Fred, CEO of cryptocurrency exchange FTX, said that there are several deep-water exchanges that may file for bankruptcy very soon.

At such times, investors should maintain the utmost caution and ensure that there is proper communication and transparency from the cryptocurrency exchange service providers associated with them.