Kucoin in trouble? Faced with rumors the crypto platform responds

FUD on all floors – Never FearI’Uncertainty and the Doubt (Fear Uncertainty and DoubtWhere FUD) have also been powerful in the cryptosphere for many years. Some use it to play the crows (or otter for that matter) and gain notoriety by distributing these worries (without proof) to whoever wants to hear them. After rumors against the NEXO platformthe last target of this FUD is the crypto-exchange KuCoin.

To panic: to be considered as market manipulation?

The Twitter account @otterooo (otterfor otter in English) should have taken a raven rather than an otter as a profile picture. This anonymous user recently accused (without sources) the founder of NEXO to “sip funds from charity” to “build a palace”. Just that !

This FUD distributor has just struck again. This time he sets his sights on the cryptocurrency exchange platform KuCoin. And not just a little: this July 2, he urged his followers to immediately withdraw all their funds of the crypto exchange founded in September 2017.

” Remove [vos cryptos de] KuCoin right now. This is not an exercise. No time for a wire [ndlr : un argumentaire construit]. Like and retweet to spread this message [ndlr : rendre virale cette fake news de FUD]. […] »

Twitter account @otterooo

Two days after this resounding announcement, everything is still fine on KuCoin, withdrawals can normally be made. Nothing to reportno panic.

KuCoin responds to these slanderous denunciations

Even if in a healthy market, the best would have been to ignore such attempts to panic without evidence to avoid giving importance to their peddlers -, it will not have escaped your notice that we are in a crypto market ultra-febrile.

To cut short any risk of irrational mass movement, the CEO of KuCoin, Johnny Lyu wanted to reassure immediately its users and the cryptosphere, via its Twitter account:

“Beware of FUD attempts! I don’t know who is spreading these rumours, or what their intentions are, but KuCoin has no exposure to LUNA, 3AC, Babel, etc. No “tremendous pain” due to any “crypto meltdown”, no withdrawal stoppage planned, everything works fine on KuCoin.
Some recent facts about KuCoin to form your own opinion:
– We successfully raised $150 million at a $10 billion valuation in May [2022].

– We are one of the few crypto platforms still hiring. (…)”

The CEO of KuCoin denounces the FUD and reassures his community.
Twitter account @lyu_johnny

It is true that many crypto-exchanges have rather gone into dismissal mode (Gemini, Coinbase, Huobi,…) than in recruitment mode like KuCoin.

Lots of interest, at least financial, want the continuity of the cryptocurrency market crash. Even recently, massive short selling attacks on USDT (Tether’s dollar stablecoin) have been revealed. So the question is whether HODLers and bullish investors will hold on at current price levels, or if panic fear will manage to take us Deeper in the Abyss.

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