It is obvious that some parties are gaslighting the crypto ecosystem with their pointless claims. Once again, Centralized Exchanges, Crypto Banks, Lending companies are in the target. This time, there is an attempt to create a FUD waves over Kucoin.
Kucoin is the fifth Centralized Exchange with highest daily trading volume even in the bear market. Though the shareholders of the platform are not as famous as CZ of Binance, they have a reputation as service providers of crypto ecosystem.
Let's see if the FUD is true to an extent or not.
I do not actively use Kucoin but it is easy to understand the operations of exchanges by checking Crypto Twitter or Withdrawal Statuses. We clearly see that Kucoin customers have no issue with withdrawals as speculated.
I think the CEO, Johnny Lyu, took an immediate action to end up the growing uncertainty and rumours concerning the company. According to The Block, there is no reason for Kucoin to cease the withdrawals.
He claims that:
Kucoin did not have any direct damage from 3AC, LUNA or any other catastrophic events.
The company is still hiring contrary to the other companies firing hundreds of employees.
Kucoin is already raising enough money to be in a good shape regardless of the bear market.
On Twitter, the CEO has a small threat regarding the reasons why FUD on KuCoin is false and pointless. IMHO, he reacted at the right time before things became unmanagable.
We all know that these service providers may have weak sides that can be easily manipulated by "smart money". However, what is happening now is purely done with bad intentions.
I see some people trying to get likes and retweets by designing some conspiracy theories and going viral with that.
Example of Nexo:
Nexo Fudder Guy's Twitter Threat
If companies cannot handle this fake news on time, I believe we may see giant red candles in the charts once again.
Read the claims of both sides and you decide 馃馃徏
As it was a perfect time to create fake positive news such as partnerships with Google, Amazon, Adidas, etc in the bull run, now it is a great time for some people to attack companies with negative fake news.
The companies should be ready to react and handle the FUD before it grows. They should also take immediate action by using laws against these individuals. It is not the first time, and not going to be the last, either. Yet, as individuals, we have to be better at discriminating between real and fake news without being manipulated by any side.
