KuCoin’s Johnny Lyu Rebuffs Rumors of Layoffs.


The crypto exchange KuCoin CEO Johnny Lyu revealed his company’s plan to scale up its workforce in the coming months while denying the rumour that it had joined some competitors in massively reducing staff size following bearish market trends.

Rumours had sprung to life, following the significant termination of employments by crypto exchange giants, such as Coinbase, CryptoCom, and Bybit, that KuCoin was massively trimming its workforce.

According to Wu Blockchain, the exchange denied the rumour on Monday,11th July 2022, stating plans to scale up its workforce by 30% and clarifying that only mediocre employees were laid off.

Furthermore, the company renounced its relations with the Terra ecosystem, saying it had not financed or held any LUNA/UST-related positions, “nor does it have any UST-like wealth management products.”. However, its semi-annual report shows that the exchange valued at $10 billion after raising $150 million in May did not slacken despite the downing market condition reaching a cumulative trading volume for spot and futures above the $2 trillion breakthrough.

Lyu, in his tweet on Monday, reassured investors and users, “We believe that talent is the key to remaining competitive in the #crypto space. We will continue to expand and #BUIDL despite the market downtrend.”

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