Known for placing the introduced new tokens on its exchange KuCoin Rumors continue to circulate that the exchange has stopped withdrawals on its platform. The CEO, on the other hand, issued a statement against all these claims. The incident consists of speculation that KuCoin will stop withdrawals due to the losses incurred after the LUNA collapse.
Rumors that KuCoin Exchange Suspends Withdrawals
KuCoin CEO Johnny Lyu, on Saturday denied all allegations that it had suspended withdrawals. Underlining that KuCoin has not been exposed to LUNA, 3AC or Babel, the CEO stated that they did not suffer from the collapse of any coin, referring to the Terra collapse. Stating that they have no plans to stop withdrawals on the platform, Lyu stated that everything in KuCoin is working well.
Lyu, who also commented on false claims about KuCoin Bitcoin balance. He also stressed on Monday that many on-chain monitoring tools are unable to provide clear data on what exchanges hold.
“Most on-chain monitoring tools cannot offer the full value of balances. It’s not their fault because many wallets and exchange addresses are not tracked. Many KuCoin wallets have not been tracked by Glassnode before and they recently updated their BTC tags.”
Kucoin Bitcoin Being aware of the rumors about the balance, the CEO satisfied the curiosity of users who requested detailed information about the subject. According to rumors on social media, Kucoin only has 300 Bitcoins, but on-chain data quickly proved that it has more than 16,000 BTC.
In addition, KuCoin CEO claimed that data on 16,000 Bitcoins is still insufficient. A few addresses are still unlabeled, explaining that the actual numbers do not add up to the total. “The current KuCoin BTC balance shown is underestimated as we have many untagged addresses.”
Most of the crypto exchanges faced the market crash and many declared layoffs. Amid the volatility, KuCoin boasted that it was one of the few exchanges that kept hiring.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.