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Truth About KuCoin's Bitcoin (BTC) Balance Amid FUD Over Halting Withdrawals

coingape.com 04 July 2022 14:28, UTC
Reading time: ~2 m

Even as rumors are afloat that KuCoin is halting withdrawals on its platform, there is further clarification to this. Speculation was rife that KuCoin would halt withdrawals thanks to the losses suffered due to the LUNA collapse.

Rumors Of KuCoin Suspending Withdrawals

Meanwhile, Johnny Lyu, the CEO of KuCoin had on Saturday refuted claims of suspending the withdrawals. He said KuCoin does not have any exposure to LUNA, 3AC or Babel. Lyu added that there was no immense suffer from any coin collapse, referring to the Terra crash. Also, he said there was no plan to halt withdrawals on the platform. Everything on KuCoin is operating well, he stated.

In a latest, Lyu commented on false claims about KuCoin Bitcoin balance. On Monday, he said many on-chain tracking tools cannot present the exact balance of exchanges.

“Most on-chain tracking tools can’t present the exact balance of exchanges. Not their fault, just because many exchange addresses are not labeled. Previously many KuCoin wallets have not been tracked by Glassnode, and they recently updated the BTC labels for KuCoin.”

He was responding to a crypto enthusiast who talked about the rumors around Kucoin Bitcoin balance. While the rumor was that Kucoin had only around 300 Bitcoin, but on-chain data showed there were over 16,000 BTC.

Adding to this, the KuCoin CEO said the data about 16,000 Bitcoin was still understated. Several KuCoin addresses are still not labeled, which is the actual numbers are not adding up to the total, he explained. “The current KuCoin BTC balance shown is underestimated as there are many KuCoin addresses not being labeled.”

New Hiring Continues At KuCoin

A majority of crypto exchanges faced the heat with the market crash and many of them announced layoffs. Amid the volatility, KuCoin said it was one of the few exchanges to continue hiring.

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