The price of KuCoin's KCS token plummets amid bankruptcy rumors

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The price of KuCoin’s KCS token plummets amid bankruptcy rumors

The price of KuCoin's KCS token plummets amid bankruptcy rumors
Image: Shutterstock
Source: Decrypt
1657014489 05 Jul / 09:48

Following insolvency allegations, the price of KuCoin (KCS), the native token of the KuCoin cryptocurrency exchange, plummeted during the last week. According to CoinMarketCap, KuCoin was down 17.34 percent last week, trading at $8.75 at the time of writing.

KuCoin is the fifth-largest cryptocurrency exchange in the world, based on its 24-hour trading volume of $928 million. Its KCS token ranks 49th on CMC, having a market capitalization of $858 million.

But early this week, Crypto Twitter began circulating reports that KuCoin would suspend withdrawals because it was set to fail. The CEO of KuCoin, Johnny Lyu, answered that the firm has no ties to LUNA, 3AC, or Babel.

“No ‘immense suffer’ from any ‘coin collapse,’ no plan to halt withdrawal, everything on KuCoin is operating well,” Lyu tweeted, adding that “KuCoin reserves the right to take legal action” against anybody propagating false stories.

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

As digital asset prices have plummeted during the bear market, all three represent current liquidity issues in the cryptocurrency ecosystem.

Lyu also reacted directly to a person who inquired if KuCoin has exposure to Celsius, a company said to be close to collapse, by stating, “Nope.”

During the crypto market meltdown that increased in the first week of May, most claims that originated on Crypto Twitter were accurate, including concerns concerning the solvency of Celsius, Three Arrows Capital, BlockFi, and Celsius. Lyu claims that his exchange is thriving: “We are one of the few platforms still employing,” he stated, adding that KuCoin was “more active in the bear market” and implementing new services.

KCS has risen during the previous 24 hours, as have the majority of cryptocurrencies on Monday. However, it still has the poorest seven-day performance among the most significant digital assets during the last week.

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