Abstract:
- KuCoin CEO, Johnny Lyu, has debunked one other rumor that the change solely has 300 Bitcoin in its wallets.
- In response to Mr. Lyu, common monitoring instruments can’t determine change addresses as a result of many are usually not labeled.
- He was responding to a different tweet that confirmed that KuCoin had over 16,000 Bitcoin in its wallets.
KuCoin CEO, Johnny Lyu, has debunked one other rumor that the crypto change has solely 300 Bitcoin in its wallets.
In response to Mr. Lyu, the on-chain monitoring instruments at present out there can’t rack all change wallets since they aren’t labeled. He added that previously, KuCoin wallets had not been tracked by Glassnode, and the latter just lately up to date their Bitcoin pockets labels for KuCoin.
He shared his enter on the standing of KuCoin Bitcoin holdings by means of the next tweet.
Most on-chain monitoring instruments cannot current the precise steadiness of exchanges. Not their fault, simply because many change addresses are usually not labeled.
Beforehand many KuCoin wallets haven’t been tracked by Glassnode, and so they just lately up to date the BTC labels for KuCoin. https://t.co/P70Nucio0f
— Johnny_KuCoin (@lyu_johnny) July 4, 2022
KuCoin Has Over 16k Bitcoin.
Mr. Lyu was responding to a different Tweet by crypto neighborhood member @TonCongHuy1, who had efficiently recognized KuCoin as proudly owning over 16,000 Bitcoin. KuCoin’s CEO added that the 16k Bitcoin estimate was nonetheless low because the change had extra addresses. He mentioned:
Nonetheless, the present KuCoin BTC steadiness proven is underestimated as there are various KuCoin addresses not being labeled.
KuCoin Is Dedicated to Transparency; Will Quickly Launch an H1 2022 Monetary Report.
KuCoin’s CEO debunking rumors of the change proudly owning 300 Bitcoin come amidst different murmurs that it was dealing with insolvency resulting from monetary publicity to collapsed LUNA, struggling Three Arrows Capital, and Babel Finance.
Mr. Lyu additionally debunked the insolvency rumors by stating that the change had no publicity to any of the collapsed crypto initiatives or hedge funds. He additionally added that the crypto change would quickly publish a report highlighting its monetary operations for the primary half of 2022.
KuCoin Insider Allegedly Confirms the Crypto Alternate is financially Secure.
Equally, crypto neighborhood member Mārūsha, often known as @mattomattik on Twitter, stated that he had acquired data from a KuCoin insider confirming that the crypto change was in good monetary well being.
As well as, Mārūsha defined the FUD in opposition to KuCoin may be a tactic by some merchants to maneuver buying and selling liquidity away from the change and onto one other. He additionally cautioned the crypto neighborhood in opposition to believing the whole lot they learn on Twitter, as some influencers can use the social media platform for his or her egocentric pursuits.
