Truth About KuCoin’s Bitcoin (BTC) Balance Amid FUD Over Halting Withdrawals

KuCoin has not yet confirmed rumors that it is stopping withdrawals from its platform. Rumours circulated that KuCoin would stop withdrawals due to losses from the LUNA crash.

KuCoin Rumors Suspending Withdrawals

Johnny Lyu, KuCoin’s CEO, had Saturday denied claims that he had suspended withdrawals. KuCoin is not exposed to LUNA or 3AC, Lyu stated. Lyu also said that there was no severe injury from any coin crash, referring specifically to the Terra crash. Lyu also stated that there is no plan to stop withdrawals from the platform. He stated that everything on KuCoin works well.

Lyu made a comment about false claims regarding KuCoin’s Bitcoin balance in a recent post. He stated Monday that many of the on-chain tracking tools do not show exact balances.

“Most on-chain trackers tools cannot show the exact balance of exchanges. It’s not their fault that many exchange addresses aren’t labeled. Glassnode previously did not track many KuCoin wallets. They recently updated the BTC labels to KuCoin.

He was responding to a crypto enthusiast, who spoke about the rumors surrounding Kucoin Bitcoin balance. Although it was believed that Kucoin only had 300 Bitcoin, on-chain data revealed that there were more than 16,000 BTC.

KuCoin CEO also stated that the 16,000 Bitcoin data was still understated. He explained that several KuCoin addresses have not been labeled yet, meaning the actual total is not being added up. “The KuCoin BTC balance at the moment is underestimated because there are many KuCoin addresses that have not been labeled.

New Hiring Continues At KuCoin

Many of the crypto exchanges were hit hard by the market crash, and many announced layoffs. KuCoin stated that it was one of few exchanges that continued to hire despite the market volatility.