Cryptocurrency exchange KuCoin has declared false rumors that they are encountering liquidity problems.
The FUD has flooded the cryptocurrency marketplace
Cryptocurrency trading platform KuCoin has denied reviews that they are now encountering the very same problems as other folks in the marketplace.
In a series of tweets posted on the morning of July two, KuCoin CEO Johnny Lyu explained:
Watch out for FUDs!
Not confident who is spreading these rumors and what their intentions are, but #KuCoin has no publicity to LUNA, 3AC, Babel, and so forth.
No “immense suffering” from any “currency crash”, no programs to halt the withdrawal, almost everything on KuCoin is doing work fine.
– Johnny_KuCoin (@lyu_johnny) July 2, 2022
“Beware of the FUD!
It is not clear who is spreading these rumors, nor their intentions, but KuCoin is not influenced by LUNA, 3AC, Babel, and so forth.
We are not underneath stress to collapse or halt withdrawals, almost everything is fine on KuCoin.
Some latest details about #KuCoin and you can express your view:
– We completed our $ 150 million fundraiser with a $ ten billion valuation in May
– We are one particular of the handful of platforms that are even now employing
– We are extra energetic in the bear marketplace, launching new options like OCO purchase, fiat pair …– Johnny_KuCoin (@lyu_johnny) July 2, 2022
“Some latest info on KuCoin for you to judge:
– We just raised $ 150 million at a $ ten billion valuation in May.
– We are one particular of the handful of brokers who are even now employing correct now.
– We are even now trading stably, releasing new options like OCO orders, fiat trading pairs.
Mr. Lyu also threatened to spread false info that the exchange could resort to legal action.
Some other tasks this kind of as Tether (USDT) and USD Coin (USDC) have also been topic to FUD due to several rumors, leading to confusion in the neighborhood.
Circle’s USDC scheme is on the verge of collapse. If you study their SPAC IPO it is clear that they have been dropping funds all the time but there is one thing dirtier going on beneath. They are at higher chance of default on USDC reserves. A deep dive 🧵 on USDC. pic.twitter.com/GgN5oeD7gO
– Geralt Davidson (@ CryptoInsider23) June 29, 2022
Tether not long ago announced a reduction in the sum of collateralised industrial paper to show its dedication to cutting down chance, and USDC has nevertheless to release a statement.
Liquidity crisis
Since the cryptocurrency marketplace has altered in the previous two months, several significant cryptocurrency institutions have been caught up in a liquidity crisis. Notable names contain:
– Lending platform Centigrade: impacted by stETH devaluation, blocked withdrawals, refused to “save” from FTX
– Investment money Three capital arrows (3AC): influenced by the marketplace, insolvent, not responding to the request of the creditor, declared prepared to promote assets filed for bankruptcy in a New York court
– Investment platform Finblox: impacted by 3AC, impose withdrawal restrict
– Lending platform Finance of Babel: impacted by 3AC, blocked withdrawals, personnel exited en masse
– Investment money DeFiance Capital: rumored to be impacted by 3AC
– Investment money Genesis Trading: rumored to have misplaced “hundreds of millions of dollars” to 3AC’s involvement
– Agency Blockchain.com and exchange Deribit: the creditor of 3AC, filed for liquidation of the assets of 3AC in the court of the British Virgin Islands
– Lending platform BlockFi: cleared 3AC’s ensure, which was declared unaltered but borrowed USDC four- million from FTX with controversial repurchase terms
– Investment application Digital traveler: Affected by 3AC, explained 3AC owed itself extra than USD 662 million and had to borrow USD 485 million from Alameda to safe liquidity, withdrawal blocked
– Blockchain platform Kyber network: influenced by 3AC, claim the amount of damage is not large.
– Cryptocurrency exchange CoinFLEX: claimed not to be impacted by 3AC but blocked withdrawals and issued “whale” debt tokens
– Exchanges Hoo: withdrawal block.
– Exchanges AEX: impose withdrawal restrict.
Synthetic currency 68
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