Be aware of FUDs

Price of Bitcoin Exchange KuCoin’s KCS Token Tanks Amid Insolvency Rumors.

It all started with rumors spreading on Twitter about crypto exchange Kucoin halting withdrawals. The news led to a massive sell-off of the company’s KCS token leading to a fall in the tokens’ value. It is not the first time that widespread panic, popularly known as Fear, Uncertainty, and Doubt (FUD), has caused problems in the cryptocurrency community. Sometimes, even competitors use it as a strategy to destabilize communities and take down the competition. It is still uncertain whether someone is trying to sabotage Kucoin or whether there is actually anything to worry about for the users. As the crypto market struggles, members of the crypto community have been encouraged by fellow users to move their funds from the exchanges and into non-custodial wallets. However, it seems that even such wallets have their own challenges.

To calm the fears of the customers, KuCoin CEO John took to Twitter to assure them that everything is okay and that the company is actually among the few that are hiring in the current difficult times. 

He tweeted, “Be aware of FUDS! Not sure who’s spreading these sheer rumors, and what their intentions are, but #KuCoin does not have any exposure to LUNA, 3AC, Babel, etc. “

He added, “No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well.

Some recent facts about #KuCoin and you can make your own judgment:

– We finished $150 M fundraising at $10 B valuations in May

– We are one of the few platforms that are still hiring

– We are more active in the bear market, launching new features like OCO order, fiat pair

Being transparent is always one of our key principles. We will soon publish our 2022 H1 review report where you can know more about our operations. 

For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions. 

Don’t FUD, BUIDL.”

We will continue to observe the events closely but so far, everything remains calm at KuCoin.

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