BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

KuCoin CEO Johnny Lyu Dispels Layoff Rumors, Insists on Company’s Stability Amid Crypto Market Challenges

by Dan K
Jul 26, 2023 - 3:00 pm
in Blockchain
KuCoin CEO Johnny Lyu refutes the layoff rumors on Twitter

KuCoin: Strong and Steady Amid Crypto Market Volatility

In response to swirling rumors about a potential layoff of 30% of KuCoin’s staff, CEO Johnny Lyu has unequivocally denied these claims.

Rebutting the Layoff Rumors

Lyu took to Twitter on July 25 to address the rumors, which originated from Chinese journalist Wu Blockchain. Lyu assured the public that KuCoin is continuing to operate smoothly despite market uncertainties.

Routine Performance Evaluations, Not Layoffs

Contrary to the circulating rumors, Lyu explained that any potential staff adjustments would be part of the semi-annual employee performance evaluation – a standard practice aimed at maintaining the firm’s competitiveness in the fast-paced crypto industry.

Wu Blockchain’s Claims and Subsequent Retraction

Prior to Lyu’s statement, Wu Blockchain claimed that KuCoin intended to cut 30% of its nearly 1,000 employees due to the impact of a stricter know-your-customer (KYC) policy on the firm’s profits. However, Wu later retracted his statement, acknowledging Lyu’s explanation about performance appraisals.

KuCoin’s Future Amid Legal Challenges

KuCoin’s latest policy changes came after facing legal challenges, including a lawsuit from New York Attorney General Letitia James. Regardless, KuCoin has not disclosed the extent to which staff will be affected by their routine evaluations, leaving the future somewhat uncertain.

KuCoin’s User Base and Trust Score

KuCoin currently employs around 1,000 individuals globally and maintains its position as the 11th most trusted platform, as ranked by CoinGecko, with a trading volume of $327 million in the last 24 hours.

Following the Trend in Crypto Space

KuCoin’s announcement comes amidst a series of cost-cutting measures by other major cryptocurrency exchanges due to the decline in crypto asset prices throughout 2022.

Despite Industry Challenges, KuCoin Remains Committed

CEO Lyu insists that, despite the tumultuous industry landscape, KuCoin remains dedicated to its users and will continue to invest in its core businesses to deliver an outstanding user experience. “KuCoin is operating smoothly,” Lyu reassured the community. “We’ll keep investing in our core businesses and providing our users with the top-notch experience we promised.”

Tags: BlockchainExchangeKucoinMarket
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Brad Garlinghouse announcing the update on the Fortress Trust acquisition.

Ripple Abandons Planned Fortress Trust Acquisition Deal

September 29, 2023

Ripple, in a sudden twist, cancels the intended acquisition of Fortress Trust, emphasizing continuous support and investment in...

Kraken logo with stock and ETF graphs in the background, symbolizing their new venture into traditional markets.

Kraken Eyes Traditional Stock Market with 2024 Launch of New Trading Platform

September 28, 2023

Kraken exchange announces the 2024 introduction of Kraken Securities, paving the way for combined stock, crypto, and ETF...

Diagram illustrating the architecture and components of the Hedera network.

Hedera Crypto: Unveiling the Features of the Hedera Network

September 28, 2023

Hedera crypto offers a comprehensive suite of features for developers and users. Discover the ultimate power of Hedera's...

Shanghai cityscape with overlaying blockchain icons representing its commitment to technological growth.

Shanghai Unveils Blueprint to Boost Blockchain Progress by 2025

September 27, 2023

Shanghai announces a comprehensive strategy targeting rapid blockchain evolution by 2025, aligning with China's support for domestic blockchain...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise