KuCoin’s Token ‘KCS’ Tanks Amid Rumors of Insolvency

Since tales spread on Twitter about the trade-stopping withdrawals, dealers have auctioned off the organization’s KCS token.

The cost of KuCoin (KCS), local badge of the KuCoin digital currency trade, has failed throughout the course of recent days following bankruptcy bits of hearsay. At the hour of composing, KuCoin was down 17.34% in the previous week, exchanging for $8.75, as per CoinMarketCap.

KuCoin is the world’s fifth-biggest digital currency trade, with a 24-hour exchange of $928 million. Its KCS token is the No. 49 computerized resource on CMC, with a market cap of $858 million.

Yet, recently, bits of hearsay began to spread on Crypto Twitter that KuCoin would end withdrawals since losing everything was about. KuCoin CEO Johnny Lyu answered by saying that the organization had no openness to LUNA, 3AC, or Babel.

KuCoin’s Token ‘KCS’ Tanks Amid Rumors of Insolvency
Via Coin Market Cap.

“No ‘monstrous experience the ill effects of’ any ‘coin breakdown’, no arrangement to end withdrawal, everything on KuCoin is working great,” Lyu said on Twitter, adding that “KuCoin maintains all authority to make lawful moves” against those spreading bogus reports.

Lyu was referring to three recent meltdowns in the cryptocurrency ecosystem: Luna, the governance token of the Terra ecosystem, which saw tens of billions of dollars in value wiped out last month in the spectacular crash of the Terra ecosystem; 3AC or Three Arrows Capital, a hedge fund that filed for bankruptcy last week; and crypto lending platform Babel Finance, which last month suspended redemptions and withdrawals. 

Every one of the three is an issue with liquidity in the crypto environment right now as computerized resources have plunged in cost during the bear market.

Lyu also responded directly to someone who asked if KuCoin had exposure to Celsius, which is reportedly close to bankruptcy, and said: “Nope.” 

Amid the crypto crash that advanced quickly in the principal seven-day stretch of May, what started as tales on Crypto Twitter have for the most part demonstrated right, including bits of hearsay about the dissolvability of Celsius, Three Arrows Capital, BlockFi, and Celsius. Lyu demands that his trade is doing fine and dandy: “We are one of a handful of the stages that are as yet employing,” he said, adding that KuCoin was “more dynamic in the bear market” and sending off new highlights.

KCS is up throughout recent hours, as are most digital forms of money on Monday. Yet, it actually has the most obviously awful seven-day exhibition out of the major advanced resources in the previous week.

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