Kucoin’s bag in danger?

On July 2, the Kucoin exchange platform faced resounding rumors. As the market slowly began to recover from the downtrend, the cryptocurrency exchange found itself in an incredible deal which it obviously denied. A few weeks later, the rumor surfaced again. So is the cryptocurrency exchange really in danger?

Cryptocurrency market panic: who is Otteroooo?

Since the beginning of the month, cryptocurrency exchange platform Kucoin has been facing incredible rumors. According to the statements of the Otteroooo Twitter account, the platform is no longer reliable. In fact, on July 2, he invited his followers to withdraw their assets from the trading platform.

According to him, it was necessary to pass on the information because it was not going to be an exercise. As the cryptocurrency industry faltered under the weight of the bearish trend, this news has somewhat shocked users of the cryptocurrency exchange. Although investors are known for skepticism, such news is inspiring.

Taking into account that any announcement has a basis, the FUD distributor has managed to sow panic among the negotiators. However, Kucoin’s top management did not sit idle as they stated that everything was working fine on the platform. Therefore, they do not understand the reasons for this accusation. However, a new version from the same site requires some reflection.

Is Kucoin really in danger?

Faced with the rumors circulating on the platform, the CEO of Kucoin, Johnny Lyu, took the floor to deny all these false accusations. The expansion of the cryptocurrency sector creates tension and the competition becomes tough. Thus, the risks of ending up in scandalous cases increase every day.

However, he wanted to reassure the cryptosphere and its users. However, new statements raise a new wave of panic. On July 23, the FUD distributor again offensive on the cryptocurrency exchange. According to him, his information is 92% reliable since it comes from a former employee of the platform.

According to the latter, Kucoin is currently insolvent and does not have the necessary coins to satisfy its customers. Furthermore, the cryptocurrency exchange site has a hole of around $ 500,000. Otteroooo therefore reiterates that the fall of Kucoin is caused by that of Terra Luna. In fact, the person responsible for this rumor claims that the connection of the exchange with the LUNA ecosystem would have been fatal to him.

Companies operating in the cryptocurrency sector are under enormous pressure on a daily basis. Between market volatility and attacks from competitors, foreign exchange firms have to work harder to stand out. FUD distributor’s allegations against Kucoin discredit the exchange and cause panic in the market. So what is it really, is the Kucoin exchange really in danger as Otteroooo claims?

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Eddy Senga avatar

Eddy Senga

The world is changing and adaptation is the best weapon to survive in this undulating universe. As the crypto community manager at the base, I am interested in anything directly or indirectly related to the blockchain and its derivatives. To share my experience and introduce a field that fascinates me, nothing better than writing informative articles and relax at the same time.

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