The Kucoin exchange platform was dealing with sensational rumors on July 2. The cryptocurrency exchange discovered itself in an extraordinary affair, which it of course denied, as the market slowly started to recover from the decline. A couple of weeks later, the rumor reappeared. Is the cryptocurrency exchange actually in jeopardy then?
Who is Otteroooo? – The Crypto Market Panic?
The Kucoin cryptocurrency exchange platform has been dealing with unbelievable rumors since the beginning of the month. The Otteroooo Twitter account claims that the platform is no longer dependable. In fact, he encouraged his supporters to remove their assets from the exchange platform on July 2.
He claimed that since it wouldn’t be an exercise, he had to share the information. This news slightly alarmed consumers of the bitcoin exchange as the sector stumbled under the weight of the slump. Such news is interesting despite the skepticism that investors are notorious for.
Given that every announcement has a foundation, the FUD propagator was successful in creating panic among the negotiators. Although they claimed that everything was running smoothly on the platform, Kucoin’s leaders weren’t passive. As a result, they are unable to comprehend the basis for this accusation. But a recent leak from the same source makes one pause.
Is Kucoin actually in peril?
In response to the misinformation spreading on the network, Johnny Lyu, CEO of Kucoin, spoke forward to refute all of these unfounded allegations. As the crypto industry grows, tensions arise and the rivalry intensifies. As a result, the chances of getting involved in scandalous incidents rise daily.
KUCOIN INSIDER CONFIRMS KUCOIN IS INSOLVENT
— otteroooo (@otteroooo) July 23, 2022
EX-EMPLOYEE WHISTLEBLOWS THAT ESTIMATED HOLE UP TO $500,000,000
KUCOIN MAY NOT HAVE THE COINS TO MEET DEPOSITORS' REDEMPTIONS
(92% certain)
Retweet & like this tweet, and read on
👇🏼 🧵 🦦
He nevertheless sought to reassure the cryptosphere’s users. However, recent announcements cause a fresh wave of anxiety. The distributor of FUD retaliated against the cryptocurrency exchange on July 23. He claims that since he got his knowledge from a former platform employee, it is 92 percent credible.
The latter claims that Kucoin is currently bankrupt and lacks the sufficient coins to satiate its clients. Additionally, the cryptocurrency exchange website has a $500k hole. Otteroooo reiterates that Terra Luna’s demise is what led to Kucoin’s demise. In fact, the source of this report asserts that his death would have resulted from the exchange’s integration with the LUNA ecosystem.
The strain on businesses in the cryptocurrency industry is tremendous every day. Exchange companies must strive harder to stand out in the face of market volatility and threats from rivals. Allegations made against Kucoin by FUD distributors devalue the exchange and provoke market panic. Are the statements made by Otteroooo that the Kucoin exchange is in risk actually true?
