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Kucoin CEO, Johnny Lyu, Denies Halting Withdrawals Rumors, Threatens Legal Action

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VOC, Voice of Crypto, Kucoin

KuCoin has denied “rumors” suggesting that the company might halt withdrawals owing to losses suffered amid recent market turmoil.

Johnny Lyu, the CEO of KuCoin has Tweeted that he is not sure who started these rumors or what their intentions might be but “Kucoin does have no exposure to LUNA, 3AC, babel, etc.”

 

Three Arrows Capital (3AC), a crypto hedge fund filed for Chapter 15 bankruptcy in New York on Friday.

Lyu also revealed that the company has no plans to stop withdrawals anytime soon and KuCoin is operating just fine.

He also revealed some interesting facts about KuCoin, one of the few companies still hiring and active during this market downturn. For example, they finished a $150 million fundraise at a 10 billion valuation in May which is very impressive considering the situation of things.

The fifth most popular cryptocurrency exchange, KuCoin has been gaining popularity with 18 million users in 207 countries.

The CEO added: “For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions.”  

FUD is a crypto term for “fear, uncertainty, and doubt.” 

KuCoin has committed to transparency. Lyu also said on Twitter that the company would soon publish a first-half report about its operations, which have been thriving since they began.

KuCoin Q1 Growth In Figures

Trading volume

In the first quarter of 2022, KuCoin’s cumulative trading volume exceeded $1 trillion (Spot + Futures ), with an average daily volume of over $11 billion, posting a 362.51% YoY increase. It is worth mentioning that during the first quarter, in terms of maximum daily trading volume, KuCoin Spot exceeded 9 billion dollars, and Futures reached almost 15 billion dollars.

(*Trading Volume = Buy/Long + Sell/Short)

Users

Approximately 6 million new users were registered in the first quarter of 2022, with an increase of 491% year-on-year. Among them: Asia, the Middle East, Africa, and Europe are the four main areas in terms of user growth. Asia dominates the most significant growth with its new registered users increasing by 1,503% year-on-year, while the Middle East and Africa, and Europe are up 300% and 219%, respectively. User activity has also increased significantly in the first quarter of 2022, with the number of active users up nearly 451% year over year.

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KuCoin Community

The influence of the KuCoin community has continuously expanded. The KuCoin exchange is developing a community where everyone can benefit from growth and have their opinions heard. In the first quarter, KuCoin’s official Twitter channel registered an additional 320,000 followers, reaching a total of 1.6 million followers.

It has become an important window for KuCoin users to learn about dynamic real-time news from the exchange; the number of Global KuCoin Communities has increased to 23, and the total number of community followers has also exceeded 580,000. The KuCoin community has become the foundation for all KuCoin users to communicate freely.

 

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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