On Saturday, Confederate Soldier Lyu, co-founder and corporate executive of cryptocurrency exchange KuCoin, said that there was no ‘great suffering’ from any ‘coin crash’, no commitment to stop the withdrawal, that everything at KuCoin is working fine. KuCoin, which was launched in September 2017, has its operational headquarters in Seychelles. It offers more than 700 digital assets and currently offers spot trading, margin trading, P2P prescribed trading, futures trading, staking, and disposal to its eighteen million users in 207 countries and regions. In 2022, the company raised more than $150 million in investments through a pre-Series B round, transferring total investments to $170 million with the combined A round, at a total valuation of $10 billion.
KuCoin is quick to discard the FUD
Lyu, who has been a corporate executive at KuCoin since March 2020, took to Twitter earlier this week to fight rumors being developed by people linked on Crypto Twitter that his company was having money problems.
Cryptocurrency exchange KuCoin found itself in the middle of the dialogue once a Crypto Twitter sub-community began warning investors about the associate-grade incoming withdrawal ban. However, KuCoin CEO Confederate Soldier Lyu was quick to dismiss the unaired rumors before they gained traction.
Distinguished crypto figures on Twitter, as well as trader @KongBTC and blockchain researcher @otteroooo, called on their followers to withdraw all their funds from KuCoin while claiming that the exchange could prevent all users from withdrawing funds in short order.
FUD across the bear market
The rumors were coupled with KuCoin’s intention to avoid withdrawals with the collapse of Terra and 3AC, which, according to warnings, caused immense suffering for the exchange as a result of high exposure to downed tokens. While dismissing the alleged rumors via the tweet above, Lyu highlighted the company’s strong position by revealing a recent investment of $150 million, which placed the company’s valuation at $10 billion in May 2022. He also noted that the company is currently hiring for multiple positions, asking investors to form their own judgment amid continued FUD fear, uncertainty and doubt.
Also, distancing KuCoin from the rumors about the financial situation, Lyu confirmed that he shared the company’s H₁ 2022 review report with detailed information about its operations. Finally, he sent a warning to the people, accusing KuCoin of slowing down services and causing investors to panic.