The price of KuCoin (KCS), native token of the KuCoin cryptocurrency exchange, has tanked over the past seven days following insolvency rumors. At the time of writing, KuCoin was down 17.34% in the past week, trading for $8.75, according to CoinMarketCap.
KuCoin is the world’s fifth largest cryptocurrency exchange, with a 24-hour trading volume of $928 million. Its KCS token is the No. 49 digital asset on CMC, with a market cap of $858 million.
But earlier this week, rumors started to spread on Crypto Twitter that KuCoin would halt withdrawals because it was about to go bust. KuCoin CEO Johnny Lyu responded by saying that the company had no exposure to LUNA, 3AC, or Babel.
“No ‘immense suffer’ from any ‘coin collapse’, no plan to halt withdrawal, everything on KuCoin is operating well,” Lyu said on Twitter, adding that “KuCoin reserves the right to take legal actions” against those spreading false rumors.
Lyu was referring to three recent meltdowns in the cryptocurrency ecosystem:...
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