On July 2, the Kucoin exchange platform was facing sensational rumors. As the market slowly began to recover from the downtrend, the crypto-exchange found itself in an incredible affair which it of course denied. A few weeks later, the rumor surfaced again. So is the crypto exchange really in danger?
Crypto Market Panic: Who is Otteroooo?
Since the beginning of the month, the Kucoin crypto exchange platform has been facing incredible rumors. According to the statements of the Otteroooo Twitter account, the platform is no longer reliable. Indeed, on July 2, he invited his followers to withdraw their assets from the exchange platform.
According to him, it was necessary to relay the information because it would not be an exercise. As the cryptocurrency sector faltered under the weight of the downtrend, this news somewhat rattled users of the crypto exchange. Although investors are known for skepticism, such news is thought-provoking.
Taking into account that any announcement has a basis, the distributor of FUD managed to sow panic among the negotiators. However, the leaders of Kucoin did not remain inert as they declared that everything was working well on the platform. Therefore, they do not understand the reasons for this allegation. However, a new release from the same site prompts 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 crypto sector creates tensions and 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. Nevertheless, new declarations raise a new wave of panic. On July 23, FUD’s distributor again offensive on the crypto exchange. According to him, his information is 92% reliable since it comes to him 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. Moreover, the crypto exchange site has a hole of around $500,000. Otteroooo therefore reiterates that the fall of Kucoin is caused by that of Terra Luna. Indeed, the person responsible for this rumor claims that the connection of the exchange to the LUNA ecosystem would have been fatal to him.
Companies operating in the crypto sector are under enormous pressure on a daily basis. Between market volatility and attacks from competitors, exchange companies must work harder to stand out. FUD distributor’s accusations 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?
Receive a summary of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
Eddy Senga
The world is changing and adaptation is the best weapon to survive in this undulating universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. In order to share my experience and make known a field that fascinates me, nothing better than writing informative and relaxed articles at the same time.