KuCoin CEO dismisses rumors of halting withdrawals, reserves right to legal action  


Cryptocurrency exchange KuCoin today denied “rumors” suggesting that the company might halt withdrawals owing to losses suffered amid recent market turmoil. 

Johnny Lyu, the CEO of KuCoin, tweeted that he was not sure who was spreading such rumors or what their intentions might be, but that KuCoin “does not have any exposure to LUNA, 3AC, Babel, etc.” 

Crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy on Friday in a New York court.

Lyu added that the company had no plans to halt withdrawals and that KuCoin was operating well. 

He also tweeted “some recent facts about KuCoin”: The company finished a $150 million fundraise at $10 billion valuation in May, it is one of the few platforms still hiring and it remains active amid the market downturn by launching new features. 

At the time of the fundraise, CoinMarketCap said KuCoin was the fifth largest crypto exchange, with 18 million users in 207 countries. 

The CEO added: “For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions.”  

FUD is a crypto term for “fear, uncertainty and doubt.” 

Transparency is a key principle of KuCoin, Lyu also said on Twitter, adding that the company would soon publish a first-half report on its operations. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Mike Millard has worked as an editor for Bloomberg and Reuters, various newspapers and websites. He lived in Asia for more than two decades and now calls the Greek island of Corfu home. He is the author of three books.





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