HomeNewsKucoin CEO addresses rumours surrounding FTX, FTT exposure

Kucoin CEO addresses rumours surrounding FTX, FTT exposure

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Kucoin CEO, Johnny Lyu, has explained in a series of tweets right this moment time that Kucoin has been transparent with its customers since day one of constructing the hybrid centralized/decentralized cryptocurrency exchange.

Kucoin CEO addresses rumours surrounding FTX, FTT exposure
PHOTO CREDIT: paperwriter.ca

From day 1 of constructing KuCoin, now we had been transparent to our customers. The overview of some of KuCoin’s chilly and warm pockets addresses are clickable for their most up-to-date holdings. https://t.co/zpjdlwoSpx https://t.co/vEuNY6LhW9

— Johnny_KuCoin (@lyu_johnny) November 11, 2022

Lyu’s string of tweets followed his earlier denial of “publicity on FTX or FTT” as speculated by Cobie, the host of the crypto podcast UpOnly.

No, it’s faux.KuCoin has no publicity on FTX or FTT. https://t.co/tF3uTJbUGE

— Johnny_KuCoin (@lyu_johnny) November 11, 2022

Disclosure of Kucoin’s Most predominant Holdings

Lyu disclosed Kucoin’s chilly and warm pockets addresses and holdings within one of the tweets. The total holdings incorporated:

  • BTC (20,504 BTC)
  • ETH (180,299 ETH)
  • USDT (1,075,909,241 USDT)
  • USDC (365,722,839 USDC)
  • KCS (69,601,075 KCS)
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The holdings snapshot used to be taken on Nov. 11 at 7: 00 UTC and does not characterize all of Kucoin’s holdings. Entirely essential tokens on BTC, ETH, TRX, KCC, ALGO, ABR, OPT, and EOS are incorporated. The fat December audit characterizes “will give even greater detail.”

Lyu continues, describing Kucoin as the “No. 1 Altcoin exchange” that also affords “over 700+ tradable cryptocurrencies.” He explains that the pocket details (listed above) are the 5 essential cash made public right this moment time and that the disclosure marks Kucoin’s first step in constructing public confidence.

Furthermore, Lyu explains that a complete of 29,696 ETH is currently being staked as the Ethereum Proof-of-Stake (PoS) node, and that “each node has 32 ETH on the address.”

“Due to the the exceptional series of node addresses, we isn’t going to repeat them one after the other in our blog.”

In their most up-to-date press liberate, Kucoin hold reiterated that they’re working on the Merkle-tree proof-of-reserves – as proposed by CZ – and are currently attempting forward to the completion of an audit by the plot of the third-birthday celebration auditor, Armanino LLP. Following the audit – which is ready to require spherical a month to complete – Kucoin stated that they “will post the proof in early December.”

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The Domino Manufacture

Kucoin isn’t the essence of exchanges to be pushed to repeat its proof-of-reserves following rumors of FTX publicity.  Crypto.com CEO, Kris Marszalek also spoke out in step with Cobie having already addressed Crypto.com insolvency rumors.

It’s faux @cobie

I spoke about the extent of our publicity to FTX 2 days ago:https://t.co/aJtWZBUryU

— Kris | Crypto.com (@kris) November 11, 2022

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