Crypto exchange KuCoin denies rumors of insolvency after Luna cryptocurrency crash

The CEO of cryptocurrency exchange KuCoin has denied rumors of the platform’s insolvency following the collapse of cryptocurrency Luna, all in an effort to reassure concerned users.

According to KuCoin CEO Johnny Liu, the cryptocurrency platform does not plan to block withdrawals for its customers, and most of the assets on the exchange’s wallets belong to users, not KuCoin. «We are responsible for the security of our customers' funds and for ensuring that they can make transactions at any time. The presence of a LUNC wallet does not mean that KuCoin as a company owns a large number of LUNC tokens,» Johnny Liu emphasized.

The KuCoin CEO also stated that the platform has nothing to do with the LUNA cryptocurrency, and all rumors about the exchange’s insolvency are unfounded. However, the reasons for the withdrawal of funds from KuCoin-related wallets are still unknown. In early July, about $ 1.7 billion worth of cryptocurrency was withdrawn from the exchange’s wallets, and only $ 10 million remained on 14 wallets known to users (as of July 4).