Why KuCoin Will Be The Next Crypto Exchange to Declare Chapter 11 Bankruptcy
The Desperation for Liquidity in 2022's Crypto Market
One of our favorite exchanges (KuCoin) will soon file for Chapter 11 Bankruptcy.
We loved trading on this exchange because I was able to short crypto & play options/futures with them, run a bot connected to KOT4X & have our iTrader Elite Algo via iTrade to trade for us while we sleep.
We can’t do that no more since KuCoin is suffering from serious liquidity issues from the fallout of $FTX. The trust is gone. We recommend moving all crypto holdings to cold storage like we talked about last week in one of our articles discussing cold storage crypto wallets like Trezor & the Nano Ledger S/X.
The $FTX fallout has completely destroyed all trust these exchanges once had with its customers & it’s going to take a lot of time for people to feel that their money is truly safe staying on these exchanges. Everyone’s going bankrupt left & right & KuCoin is next.
The above picture is a screenshot of what KuCoin is currently offering its customers.
These Annual ROI for $BTC & $USDT are Absolutely Insane.
KuCoin Paying:
258% APR for your Tether
210% for your Bitcoin
125% for your Ethereum
It is clear that KuCoin really needs the capital to survive the crypto storm that $FTX created. Finding funding like this during one of the biggest recessions in modern times is going to be next to impossible. Therefore, this exchange and many others will soon collapse. Bankruptcy looms over KuCoin. It’s just a matter of time.
Lesson here: Get your money off these exchanges while you still can.
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