KuCoin CEO Debunks Rumor that the Exchange Has Only 300 Bitcoin, States On-Chain Tools Can’t Track Unlabeled Exchange Wallets

Abstract:

• KuCoin CEO, Johnny Lyu, has debunked one other rumor that the trade solely has 300 Bitcoin in its wallets.
• In response to Mr. Lyu, widespread monitoring instruments can’t establish trade addresses as a result of many should not labeled.
• He was responding to a different tweet that confirmed that KuCoin had over 16,000 Bitcoin in its wallets.

KuCoin CEO, Johnny Lyu, has debunked one other rumor that the crypto trade has solely 300 Bitcoin in its wallets.

In response to Mr. Lyu, the on-chain monitoring instruments at the moment accessible can’t rack all trade wallets since they don’t seem to be labeled. He added that previously, KuCoin wallets had not been tracked by Glassnode, and the latter just lately up to date their Bitcoin pockets labels for KuCoin.

He shared his enter on the standing of KuCoin Bitcoin holdings by way of the next tweet.

Most on-chain monitoring instruments cannot current the precise stability of exchanges. Not their fault, simply because many trade addresses should not labeled.

Beforehand many KuCoin wallets haven’t been tracked by Glassnode, they usually just lately up to date the BTC labels for KuCoin. https://t.co/P70Nucio0f

— Johnny_KuCoin (@lyu_johnny) July 4, 2022

KuCoin Has Over 16k Bitcoin.

Mr. Lyu was responding to a different Tweet by crypto neighborhood member @TonCongHuy1, who had efficiently recognized KuCoin as proudly owning over 16,000 Bitcoin. KuCoin’s CEO added that the 16k Bitcoin estimate was nonetheless low because the trade had extra addresses. He stated:

Nonetheless, the present KuCoin BTC stability proven is underestimated as there are numerous KuCoin addresses not being labeled.

KuCoin Is Dedicated to Transparency; Will Quickly Launch an H1 2022 Monetary Report.

KuCoin’s CEO debunking rumors of the trade proudly owning 300 Bitcoin come amidst different murmurs that it was dealing with insolvency resulting from monetary publicity to collapsed LUNA, struggling Three Arrows Capital, and Babel Finance.

Mr. Lyu additionally debunked the insolvency rumors by stating that the trade had no publicity to any of the collapsed crypto initiatives or hedge funds. He additionally added that the crypto trade would quickly publish a report highlighting its monetary operations for the primary half of 2022.

KuCoin Insider Allegedly Confirms the Crypto Change is financially Steady.

Equally, crypto neighborhood member Mārūsha, also called @mattomattik on Twitter, stated that he had obtained info from a KuCoin insider confirming that the crypto trade was in good monetary well being.

As well as, Mārūsha defined the FUD in opposition to KuCoin is perhaps a tactic by some merchants to maneuver buying and selling liquidity away from the trade and onto one other. He additionally cautioned the crypto neighborhood in opposition to believing all the pieces they learn on Twitter, as some influencers can use the social media platform for his or her egocentric pursuits.