CryptoQuant CEO Ki Young Ju noted retail users led a KuCoin withdrawal surge but it hasn’t impacted the exchange’s reserves.
The Seychelles-based crypto exchange KuCoin has been declared “fine” by Ki Young Ju, founder and CEO of crypto analytics service CryptoQuant, despite criminal allegations and mounting concerns over its reserves among its users.
“BTC and ETH withdrawals surged, driven mainly by retail users, with a small impact on the overall reserve,” Ju“They appear to not commingle customers’ funds and have sufficient reserves to process user withdrawals,” Ju stated, claiming that from an on-chain perspective, the exchange appears to be “fine.”KuCoin’s total portfolio balance across multiple chains stands at $4.
Ju contrasted KuCoin’s reserves with those of the now-defunct crypto exchange FTX, noting that KuCoin appears to have not mixed customer funds with its own reserves.Crypto investors typically withdraw their funds from crypto exchanges when they become aware of legal concerns or issues with an exchange’s reserve status.from FTX, when the former CEO of Binance, Changpeng “CZ” Zhao, tweeted that Binance would be disposing of all their entire holdings of FTX’s native FTT token.
Yet despite legal action against KuCoin’s founders, the market doesn’t appear to be overly concerned by the news, with the Crypto Fear & Greed Index stillCrypto Fear & Greed Index. Source: Alternative.me
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