Earlier today, Kucoin’s CEO Johnny Lyu took to Twitter to defend the Crypto exchange. Johnny Lyu assured Kucoin users that the exchange had no exposure to LUNA, Three Arrows Capital, and Babel.
Initially, rumors from multiple sources mentioned that the Kucoin exchange had invested with some sinking crypto institutions. Although unverified, these rumors have spread far and wide.
Luna tumbled intensely in May, while Three Arrows Capital faced its dilemma about a month later. Large institutions that had investment ties with LUNA and 3AC were left trapped after losing millions.
Kucoin’s CEO Defends the Crypto Exchange
Johnny Lyu boldly praised Kucoin in his defense of the exchange. He stated that while many crypto exchanges have laid off workers due to unfavorable market conditions, Kucoin is still recruiting. Additionally, Kucoin recently raised $150 million in May, taking the company’s valuation to $10 billion. Also, despite the bearish market, Kucoin has launched new features recently. Some of these new features include; the OCO order and a fiat pair.
Further, the Kucoin exchange holds transparency and integrity in high esteem. To amplify these core values, Johnny Lyu revealed that the company will publish its 2022 H1 review report in the coming weeks. The report will be made public for doubters to review.
Following the defense of the exchange, Lyu sternly warned his followers against misinforming the public. He stated that Kucoin has the right to take legal actions against “FUDers” who intentionally spread wrong information about the exchange.
Undoubtedly, Lyu’s reassurance will calm the nerves of Kucoin traders. With the company’s massive valuation, the exchange looks set to sail through the bearish season. Since its founding in 2017, Kucoin has grown to be one of the leading exchanges globally. The exchange currently has over 100 million users and is used in 200 different nations.
