KuCoin CEO Johnny Lyu Refused LUNA Exposure Rumors

KuCoin Token (KCS) Price Rebounds After Recent Rumors Laid to Rest
  • KuCoin exchange just completed a $150 million fundraising.
  • Spot Grid’s PRO version has been launched by KuCoin.

The cryptocurrency exchange KuCoin has denied claims that withdrawals would be halted on their platform due to significant losses caused as a result of the LUNA disaster. The CEO of KuCoin, Johnny Lyu, clearly explained the situation and tweeted;

Over time, there have been many ups and downs in the cryptocurrency market. Market declines and crashes have alarmed many investors, triggering a large sell-off and resulting in significant losses and many rumors are spreading around the market.

Lyu has also vowed to sue anyone who disproves the deal or spreads false information and he stated that;

Being transparent is always one of our key principles. We will soon publish our 2022 H1 review report where you can know more about our operations. For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions. Don’t FUD, BUIDL.

KuCoin Recent Actions Under the Market Volatility 

The KuCoin cryptocurrency exchange just completed a $150 million fundraising to bring the company’s valuation to $10 billion by May 2022. Despite the widespread announcement of layoffs by many cryptocurrency exchanges, KuCoin is still expanding and hiring even under these challenging market conditions. 

The KuCoin Trading Bot is dedicated to enhancing the experience of its users, Spot Grid’s PRO version has been launched and now it will be available only for the Web version. Furthermore, today, KuCoin  halted the Haven Protocol (XHV) withdrawal service due to node maintenance.

According to a recent press release from Ontario Securities Commission (OSC), KuCoin was found to have violated securities regulations, and the regulator took action against them, KuCoin has been permanently prohibited from trading on the Ontario Stock Exchange (OSE). 

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A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.