Despite legal action against KuCoin's founders and a drastic uptick in withdrawals from the exchange, CryptoQuant CEO Ki Young Ju claims there's no reason to be overly concerned.
The Seychelles-based crypto exchange KuCoin has been declared “fine” by Ki Young Ju, the 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,” CryptoQuant CEO Ki Young Ju stated in a post on X.
“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.”
