While the world of crypto money is going through bad times that will go down in history, bankruptcy claims for many companies do not stop. One of these companies was KuCoin, which was founded in 2017 and has been running smoothly since then.
It was alleged that the Seychelles-based stock market was grappling with the financial crisis due to the recent declines and only a little over 300 Bitcoin remained in its wallet. Exchange CEO Johnny Lyu stated that such a situation does not exist and said:
“Many on-chain tracking tools do not show the actual balance on the exchanges. It is not the fault of the companies that use those tools because most of the addresses of the exchanges were not previously registered, unmarked. Glassnode also did not track many of KuCoin's wallets before. They recently updated their Bitcoin wallet markings."
As it is known, the bad trend in the crypto money markets continues and as the process gets longer, especially the exchanges that make money from transaction fees, are getting more and more difficult every day due to the departure of customers from the sector. Many exchanges, from the US giant stock exchange Coinbase to Gemini, from the Austrian stock market Bitpanda to Bybit and South America-based platforms, have recently reduced their number of employees. Companies that provide loans and interest on cryptocurrencies are also on the verge of bankruptcy.
Another Singapore-based crypto firm suspends customer transactions
Vauld, a Singapore-based cryptocurrency lending and exchange platform, announced on Monday that it is suspending withdrawals, trading and deposits on its platforms.
Vauld CEO Darshan Bathija admitted in his announcement that the company is facing financial difficulties. The CEO cited continued market volatility and the financial difficulties of key business partners of the crypto startup as reasons for their deteriorating financial structure.
Vauld customers have withdrawn $197.7 million in cryptocurrencies from the platform since June 12, 2022, which put the platform in a difficult position.