The price of KuCoin (KCS), the native token of the KuCoin cryptocurrency exchange, has plummeted over the past seven days following bankruptcy rumours. At the time of writing, KuCoin was down 17.34% in the past week, trading for $8.75, according For CoinMarketCap.
KuCoin is the fifth largest cryptocurrency exchange in the world, with a 24-hour trading volume of $928 million. Its KCS token is the number 49 digital asset on the CMC with a market cap of $858 million.
But earlier this week, rumors started circulating on Crypto Twitter that KuCoin would be halting withdrawals as it was about to close. KuCoin CEO Johnny Lew responded by saying that the company has no contact with LUNA, 3AC, or Babel.
Be aware of FUDs!
Don’t know who is spreading these sheer rumours, and what are their intentions, but #kucoin No exposure to LUNA, 3AC, Babel, etc.
There is no “overwhelming suffering” from any “coin collapse”, no plans to stop withdrawals, everything is going well on KuCoin.
“There is no ‘too much suffering’ from any ‘coin collapse’, no plans to stop withdrawals, everything is going well on KuCoin,” Lu Told on Twitter, saying that “KuCoin reserves the right to take legal action” against those spreading false rumours.
Lew was referring to three recent downturns in the cryptocurrency ecosystem: Luna, the governance token of the Terra ecosystem, which wiped out tens of billions of dollars in value over the past month. The Magnificent Crash of the Terra Ecosystem, 3AC or Three Arrows Capital, a hedge fund that filed for bankruptcy last week; and crypto lending platform Babel Finance, which last month Suspended Redemption and Withdrawal.
All three are examples of a problem with liquidity in the crypto ecosystem right now as the price of digital assets has plummeted. bear market,
Liu also responded directly to anyone who asked if Cuoco had been in contact with Celsius, who allegedly close to bankruptcyand said: “No,
Amid the crypto crash that intensified in the first week of May, the rumors on Crypto Twitter have mostly proved to be true, including rumors about Celsius, Three Arrows Capital, BlockFi and Celsius’ solvency. Lew stressed that his exchange is doing well: “We are one of the few platforms that is still recruiting,” he said, adding that Cuoco was “more active in the bear market” and launching new features. was.
KCS has actually increased over the past 24 hours, as have most cryptocurrencies on Monday. But it still has the worst seven-day performance among major digital assets in the past week.
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