The FUD is contagious in the crypto space and it has added one more victim to its list. This time it is the KuCoin exchange. Bankruptcy and withdrawals discontinuance created the FUD forcing investors to flee the exchange.
Crypto traders like @KongBTC and @otteroooo asked their followers to withdraw the funds from the KuCoin exchange as soon as possible to prevent losses.
What Just Happened?Â
A drill spread like wildfire over the Internet when Twitter users with the name @otteroooo circulated this tweet.Like other protocols, the Twitter user said that KuCoin would experience the same fate and it was a safe bet to withdraw at this point.
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However, the CEO of KuCoin, Johnny Lyu has said that such news are just rumors and they hold no value at all. On the contrary, the exchange has revealed a $150 million funding and company’s valuation of $10 billion. At the same time, Johnny Lyu further went on to say that we are in the expansion phase despite the bear market and on a hiring spree. Such claims are valid since the company is hiring for multiple positions. The CEO has also said that he will be sharing further reports for a CBM or Confidence Building Measures.Â
Whales are mostly targeting such rumors to short their positions and make quick gains from the same. The attack on KuCoin inevitably demonstrated that the crypto market has turned into battlegrounds.
