Despite recent statements, the KuCoin cryptocurrency exchange appears to be massively withdrawing funds

The wallets associated with the KuCoin centralized exchange show an unusual flow of funds: about $ 1.7 billion worth of cryptocurrency is being withdrawn from them, and now only $ 10 million is left on 14 wallets known to users.

Such a large outflow of money from the organization has caused great panic among both investors who keep their money on the exchange and traders who actively exchange funds using the KuCoin platform.

Earlier, the company’s CEO Johnny Liu said that the exchange has no plans to stop withdrawals and is operating as usual. Liu promised to sue those who deliberately spread FUD (fear, uncertainty, and doubt) and try to compromise his project.

At the time of writing, all withdrawals and other transactions on the exchange are working as usual, and the crypto exchange has not published any official comments on the concerns. There have also been no reports from users who have been unable to withdraw their assets from the exchange.