KuCoin CEO Johnny Lyu recently found himself facing rumors about the stock market.
Earlier this month, there were rumors that the exchange would stop withdrawals on their platform due to heavy losses from the collapse of LUNA.
Finally, similar speculations revolve around the stability of KuCoin. In a blog post, Lyu detailed his current position regarding the company’s finances.
KuCoin CEO Responds Very Strongly to “People Spreading Fake FUD”
In a tweet on Saturday, otterooo, an account that tweets about developments in the crypto space, made a claim.
An anonymous account, otterooo, claimed that KuCoin was in financial trouble. The CEO of the exchange, Lyu, vehemently denied the claims that the company suffered losses in the Terra collapse.
The CEO stated that the majority of the funds in KuCoin wallets belong to the users of the exchange, not the exchange.
Please see below our response to some noises.
Don’t FUD, #BUIDL instead.https://t.co/riGemyOLyw pic.twitter.com/R0fuLo5ap0
— Johnny_KuCoin (@lyu_johnny) July 23, 2022
The famous CEO wrote the following on Twitter:
“It is our responsibility to keep the funds safe and ensure that users can withdraw in full whenever they want. Owning a LUNC wallet does not mean that KuCoin as a company holds a large number of LUNC tokens, and I’m sure the difference is clear.”
The CEO of the Exchange Announces the Logic Errors Behind the Anonymous Account’s Allegations
Cryptocurrency Replying to the allegations that the stock market is in a so-called financially difficult situation, the CEO also stated that there are many logical errors behind these claims.
According to the CEO, the company has no exposure to LUNA and wLUNA. The CEO pointed out that such allegations were either unknowingly or intentionally spread.
The company has previously announced that it has no affiliation with LUNA, 3AC and Babel Finance.
*Not investment advice.