Rumors are circulating that KuCoin has stopped withdrawals on its platform. There was widespread speculation that KuCoin would stop withdrawals due to losses due to the LUNA collapse. In addition, there are some allegations about the Bitcoin balance of the platform. However, the relevant platform made a statement on this matter and denied the allegations.
Denies rumors that KuCoin is suspending withdrawals
Meanwhile, KuCoin CEO Johnny Lyu denied claims to suspend withdrawals on Saturday. He also said that KuCoin has not been exposed to LUNA, 3AC or Babel, based on speculation circulating.
Referring to the Terra crash, Johnny Lyu added that they did not suffer from any cryptocurrency crash. He also said that he has no plans to stop withdrawals on the platform. “Everything on KuCoin is working fine, everything is fine,” said Johnny Lyu.
Responded to claims about Bitcoin balance with data
Most recently, Johnny Lyu commented on false claims about KuCoin Bitcoin balance. He said on Monday that many on-chain monitoring tools will not be able to offer the full balance of exchanges. KuCoin CEO made the following statement on the subject:
Most on-chain monitoring tools cannot offer the full balance of swaps. It’s not their fault. Because many exchange addresses are not labeled. Many KuCoin wallets have not been tracked by Glassnode before. They recently updated their Bitcoin (BTC) tags for KuCoin.
Kucoin responded to a crypto enthusiast who mentioned rumors about his Bitcoin balance. Rumor has it that there were only 300 Bitcoins on Kucoin. However, on-chain data shows that there are more than 16,000 BTC. In addition, KuCoin CEO said that data on 16,000 Bitcoins is still insufficient. Several KuCoin addresses are still untagged. This shows that the real numbers do not add up to the total. Johnny Lyu used the following statements:
There are many untagged KuCoin addresses. That’s why the current KuCoin BTC balance is displayed below the truth.
New hires continue on KuCoin
cryptocoin.comAfter the crypto crash, crypto exchanges are also having a hard time. Crypto exchanges make money mainly from transaction fees. As the crypto winter continues in all its violence, customers are moving away from the industry. For this reason, things deteriorate for the stock exchanges and naturally part ways with the employees.
In this row, most of the crypto exchanges have been severely hit by the market crash and many have announced layoffs. That said, amid the volatility, KuCoin is one of the few exchanges that continues to hire.
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