FUD Declare of $300 Million Out-flow from KuCoin Change Defined By CoinEdition

• KuCoin change went beneath momentary upkeep unannounced, inflicting FUD.
• On-chain knowledge declare KuCoin was probably the most withdrawn change, much more than the embattled FTX.
• Additional knowledge inspection confirmed the change solely swapped $300 million USDT between ETH and TRX networks.

KuCoin, one of many main crypto exchanges, went beneath upkeep unannounced, throwing the crypto group into one other spherical of worry, uncertainty, and doubt.

Given the present bleeding cycle of the crypto market, some crypto fanatics who commerce on KuCoin speculate a few potential scarcity of funds within the crypto change. A crypto fan group on, Lookonchain partly confirmed this suspicion primarily based on out there knowledge from crypto analytic agency Nansen.

Lookonchain famous in a brief Twitter thread that KuCoin witnessed an extreme stablecoin outflow of over $235 million within the final seven days. Nansen’s knowledge additional proved that KuCoin seems to be probably the most withdrawn change, much more than the embattled FTX.

A few of our followers within the telegram group are anxious about #Kucoin’s scarcity of funds.We analyzed the stablecoins maintain by #Kucoin and located that previously 7 days, there weren’t too many stablecoins flowing out from #Kucoin.1.A brief thread.

— Lookonchain (@lookonchain) November 9, 2022

The supposed heavy withdrawal accounts for the majority of the suspicion. Nevertheless, upon additional inspection of on-chain knowledge, it grew to become clear that the change solely moved $300 million price of USDT from the community to the Tron blockchain.

Alicia Schulhof, KuCoin’s managing director, expressed contempt on the misinformation shared concerning the change within the crypto group.

I am truthfully finished with misinformation and FUD on this:– Nansen reveals KuCoin is probably the most withdrawed cex.(Sure, MORE than FTX’s)– Whereas the truth is its a easy swap of USDT between networks ETH->TRON@ASvanevik KuCoin is SAFU, pls repair. pic.twitter.com/1nBjS4FFWs

— KuCoin Alicia (@goaliciak) November 9, 2022

The current occasions between vital crypto exchanges like Binance and FTX could account for the rationale crypto fanatics quickly increase the alarm upon suspecting indicators of hazard in web3 companies.

FTX, beforehand the second-largest crypto change, is now acquired by Binance after it grew to become clear that the enterprise was battling a liquidity disaster. FTX’s native token, FTT, took a heavy blow, free-falling from $21.20 to $2.51 within the final 24 hours, representing over 88% loss.

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