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

Summary:

• KuCoin CEO, Johnny Lyu, has debunked different rumor that the speech lone has 300 Bitcoin successful its wallets.
• According to Mr. Lyu, fashionable tracking tools cannot place speech addresses due to the fact that galore are not labeled.
• He was responding to different tweet that showed that KuCoin had implicit 16,000 Bitcoin successful its wallets.

KuCoin CEO, Johnny Lyu, has debunked different rumor that the crypto speech has lone 300 Bitcoin successful its wallets.

According to Mr. Lyu, the on-chain tracking tools presently disposable cannot rack each speech wallets since they are not labeled. He added that successful the past, KuCoin wallets had not been tracked by Glassnode, and the second precocious updated their Bitcoin wallet labels for KuCoin.

He shared his input connected the presumption of KuCoin Bitcoin holdings done the pursuing tweet.

Most on-chain tracking tools can't contiguous the nonstop equilibrium of exchanges. Not their fault, conscionable due to the fact that galore speech addresses are not labeled.

Previously galore KuCoin wallets person not been tracked by Glassnode, and they precocious updated 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 different Tweet by crypto assemblage subordinate @TonCongHuy1, who had successfully identified KuCoin arsenic owning implicit 16,000 Bitcoin. KuCoin’s CEO added that the 16k Bitcoin estimation was inactive debased arsenic the speech had much addresses. He said:

Still, the existent KuCoin BTC equilibrium shown is underestimated arsenic determination are galore KuCoin addresses not being labeled.

KuCoin Is Committed to Transparency; Will Soon Release an H1 2022 Financial Report.

KuCoin’s CEO debunking rumors of the speech owning 300 Bitcoin travel amidst different murmurs that it was facing insolvency owed to fiscal vulnerability to collapsed LUNA, struggling Three Arrows Capital, and Babel Finance.

Mr. Lyu besides debunked the insolvency rumors by stating that the speech had nary vulnerability to immoderate of the collapsed crypto projects oregon hedge funds. He besides added that the crypto speech would soon people a study highlighting its fiscal operations for the archetypal fractional of 2022.

KuCoin Insider Allegedly Confirms the Crypto Exchange is financially Stable.

Similarly, crypto assemblage subordinate Mārūsha, besides known arsenic @mattomattik connected Twitter, stated that helium had received accusation from a KuCoin insider confirming that the crypto speech was successful bully fiscal health.

In addition, Mārūsha explained the FUD against KuCoin mightiness beryllium a maneuver by immoderate traders to determination trading liquidity distant from the speech and onto another. He besides cautioned the crypto assemblage against believing everything they work connected Twitter, arsenic immoderate influencers tin usage the societal media level for their selfish interests.