Kucoin CEO addresses rumours surrounding FTX, FTT exposure

Kucoin CEO Johnny Lyu explained in a number of tweets today that Kucoin has been transparent to its users since day one of building a hybrid centralized/decentralized cryptocurrency exchange.

Lyu’s series of tweets follows his previous denial of “exposure on FTX or FTT,” as Cobie, host of crypto podcast UpOnly, speculated.

Kucoin Major Holding Disclosure

In one of his tweets, Lyu revealed Kucoin hot and cold wallet addresses and money. Total holdings include:

  • BTC (20,504 BTC)
  • Ethereum (180,299 Ethereum)
  • USDT (1,075,909,241 USDT)
  • USDC (365,722,839 USDC)
  • KCS (69,601,075 KCS)

The holding snapshot was taken on November 11th at 7:00 UTC and does not represent all Kucoin holdings. Only major tokens of BTC, ETH, TRX, KCC, ALGO, ABR, OPT and EOS are included. A full audit report in December “will provide more detail.”

Lyu goes on to describe Kucoin as follows: One Altcoin exchange that also offers “over 700 tradable cryptocurrencies”. He said the wallet details (above) are his five major coins that went public today, and that this disclosure marks the first step for Kucoin to build public trust. I’m explaining.

Additionally, Lyu explains that a total of 29,696 ETH are currently staked as Ethereum Proof-of-Stake (PoS) nodes, with “each node address has 32 ETH.”

“There are too many node addresses to publish individually on the blog.”

their latest press releaseKucoin reiterated that it is working on a Merkle Tree Proof of Reserve, as suggested by CZ, and is currently awaiting the completion of an audit by its third-party auditor, Armanino LLP. After an audit that took about a month to complete, Kucoin said it would “publish the proof in early December.”

domino effect

Kucoin is not the first exchange to be asked to disclose proof of its reserves following FTX exposure rumors. Spoken in response to Cobie who addressed.

At the time of writing, the price of Kucoin Token (KCS) is $7.83, down 6.56% over the last 24 hours.

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