KuCoin CEO Johnny Lyu spoke about the bankruptcy and Terra (LUNA) connection allegations about the exchange. Accordingly, the CEO said that all the allegations in the news were false. He then shared some details about KuCoin’s growth targets. Lyu stated that India is a key market in line with its growth targets.
KuCoin CEO denies bankruptcy and LUNA claims
2022 continues to be quite difficult for the cryptocurrency market. However, DeFi and lending platforms were the hardest hit by the crisis. Terra (LUNA) crashed in May and wiped out almost all of its market cap. Also, the team behind the project is currently facing strict judging processes. Other big players like crypto lending platform Celsius and hedge fund 3AC are also having major problems. Celsius, which stopped withdrawals last month, recently filed for bankruptcy. After that, the eyes turned to the stock markets. According to the latest news about the KuCoin exchange, the company is on the verge of bankruptcy. Not only that, there are also rumors that the famous exchange is linked to LUNA. In other words, the company has been under a very intense information fire lately.
In this context, the CEO of the exchange, Johnny Lyu, went to Twitter to make a statement about the allegations. The CEO denied all allegations that the stock market was experiencing financial problems and could go bankrupt. He also said that the company has no ties to entities on the verge of bankruptcy, such as LUNA tokens and 3AC. The data also seem to support this. Despite recent layoffs, the stock market hired 400 people in 2022. It also aims to add currently over 300 people to various departments. In addition, KuCoin received significant investment from a Wall Street company last week. The giant trading company Susquehanna International Group invested 10 million dollars in the stock market. The CEO also announced that they will initiate legal proceedings against individuals and institutions that spread the latest news.
“India is key for KuCoin”
AmkNews.com As we have reported, India stands out as a constantly growing market in the field of cryptocurrencies. The number of crypto investors in the country increased by 1251% in the first 6 months of 2022. That’s why Johnny Lyu sees the country as a key market for KuCoin. It seems that Lyu and his team have already determined what the exchange will do in India. Speaking to a media outlet, Lyu also shared that the country will conduct investment and infrastructure studies for the crypto market. Although India is experiencing a surge in crypto adoption, it also faces strict regulations. Among these regulations, taxation stands out. However, Lyu states that these adjustments were made because of high adoption. In 2022, KuCoin grew 659% compared to 2021 and recently reached a significant number of 5.6 million. The stock market’s Indian plans are hardly new. In 2020, KuCoin invested $50 million in the Blockchain space in India. It has also formed partnerships with local cryptocurrency exchanges.
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