On July 2, the Kucoin exchange platform faced sensational rumors. As the market slowly started to recover from the downtrend, the crypto exchange was in an incredible affair which it naturally denied. A few weeks later, the rumor resurfaced. So is the crypto exchange really at risk?
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 pass on the information because it would not be an exercise. As the cryptocurrency sector faltered under the weight of the downtrend, this news rattled the crypto exchange’s users somewhat. While investors are known for their skepticism, such news is thought-provoking.
Bearing in mind that every 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 stated that everything was working fine on the platform. Therefore, they do not understand the reasons for this claim. However, a new release from the same site is thought provoking.
Is Kucoin really in danger?
Faced with the rumors circulating on the platform, Kucoin CEO Johnny Lyu took the floor to deny all these false allegations. The expansion of the crypto sector is creating tensions and competition is becoming fierce. So the risk of getting into scandalous cases increases every day.
However, he wanted to reassure the cryptosphere and its users. Nevertheless, new statements are sparking a new wave of panic. FUD’s distributor again on July 23 offensive on the crypto exchange. According to him, his information is 92% reliable as 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. In addition, the crypto exchange site has a gap of about $500,000. Otteroooo therefore repeats that Kucoin’s fall is caused by Terra Luna’s. 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 competitor attacks, stock companies have to work harder to stand out. The allegations of FUD distributors against Kucoin are discrediting the exchange and causing panic in the market. So what is it anyway, is the Kucoin exchange really in jeopardy as Otteroooo claims?
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The world is changing and adaptation is the best weapon for survival in this undulating universe. As a crypto community manager at the grassroots level, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experience and make known a field that fascinates me, there is nothing better than writing informative and relaxed articles at the same time.