KuCoin Freezes Tether Deposits And Withdrawals For Maintenance

KuCoin announced on their official twitter handle to stop the deposits and withdrawal of stable coin Tether (USDT).

Maintenance For USDT Wallets

KuCoin posts on their twitter handle and official blog stopping withdrawal & deposits of USDT amidst the Tether speculations.

After a few hours, the KuCoin exchange posts another tweet. The tweet says the wallets are not frozen and the transactions will continue as it is. The reason for this freeze on USDT was explained as a regular USDT wallet maintenance on the wallets by the official blog.

Also Read: Bitfinex’s Temporary Deposit Update, Tether’s FUD Caused BTC to Break $7000

Tether FUD

Tether has been in the news more than usual for the past week. This is due to its drop in price to $0.99, concerning the traders. This adds fuel to the speculation fire about tether’s controversial reports and claims by experts. Lack of regular audits and clarity on bank deposits also causes the speculations to boil up on its legitimacy as a stablecoin.

So far Tether has been dominant in the trading market due to it being a pioneer in the stablecoin industry. However, speculations about the wrongdoing by tether still persists. It will go away if the company address its transparency issue once and for all.

Despite having only $2.4 billion market value, Tether became the most trading digital token after Bitcoin as of October 15, as per Coin Market cap. Binance CEO, CZ tweeted “Too much FUD” and users took to Twitter to feed their hunger about delisting twitter and whatnots.

This may or may not be related to Tether, but FUD and speculation are everywhere. What do you think? Will USDT gets out of the List? Will it lose its credibility? Let’s discuss.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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