KuCoin, a number one crypto alternate, has just lately reacted to notable allegations relating to its reserves. On this respect, KuCoin has denied the allegations, labeling them as “misleading information.” The crypto alternate took to its official social media account to share its newest response.

CryptoQuant Raises Allegations over KuCoin’s Dramatic Dip in $BTC Reserves

The allegations over the reserves of KuCoin have reportedly raised important issues and hypothesis throughout the crypto group. Significantly, CryptoQuant (a outstanding community-based crypto analytics platform) launched a press release a few notable dip in KuCoin’s Bitcoin reserves. The platform asserted that KuCoin has gone by means of a large 77.6% decline within the $BTC reserves after the alternate mandated KYC.

Along with this, CryptoQuant highlighted a dip from 18,300 $BTC to solely 4,100 $BTC within the crypto alternate’s reserves. The crypto analytics agency believes that the respective hunch has taken place after KuCoin just lately carried out Know Your Buyer necessities. CryptoQuant’s report claims that this resulted in an infinite outflow of roughly 14,200 $BTC following the above-mentioned replace. Based mostly on this, CryptoQuant has raised allegations in regards to the monetary stability of KuCoin.

KuCoin Denies Allegations, Shares Newest Proof-of-Reserves Report

Nonetheless, KuCoin has denied these claims, saying that that is only a “misinformation.” Aside from that, the crypto alternate has assured the customers that it’s nonetheless financially robust. To again its assertion, it additionally pointed towards the Proof-of-Reserves report that was audited by a third celebration to, proving its solvency and transparency. Nonetheless, some customers say they imagine CryptoQuant’s reserves fairly than the centralized alternate’s personal proof-of-reserve.