I have no qualms about admitting that I succumbed to my lizard brain today. I read from Cointelegraph that KuCoin has no intentions to halt withdrawals (https://cointelegraph.com/news/kucoin-ceo-slams-insolvency-rumors-citing-no-plan-to-halt-withdrawal/amp). But didn’t Celsius and Voyager make similar proclamations before they suddenly ceased all transactions, throwing their users under the bus and subjecting them to an abyss of trauma-inducing anxiety?
I went on r/cryptocurrency and found that other users were similarly paranoid. I thought about my $11 USDT in KuCoin Earn. No doubt it was garnering quite a bit of interest. 10 cents to be exact, which is comparable to what I get each month from my bank. Only, the deposit in my bank is more substantial than my $11 in KuCoin.
I know $11 is a paltry sum, and I can afford to lose it. But this sun holds monumental significance for me because this is money that I converted from my AMPL earnings in Publish0x. It exemplifies the discipline I exhibit every day by writing my crypto adventures and teaching anecdotes. It symbolises the investment of my spare time, which is super limited in the first place. I would be devastated if KuCoin halts withdrawals and makes me lose this $11.
So I immediately went to redeem the $11 from the Earn program. To my pleasant surprise, it took less than ten minutes for it to arrive in my Main account. I’m used to waiting for 1-2 days for my crypto to be redeemed from my Gemini Earn account. Being able to continue with my plan barely ten minutes later was something that I was grateful for.
So I did it. Transferred USDT from KuCoin to FTX via the TRC-20 network, converted it to LTC at FTX and transferred LTC to Gemini. Probably will off-ramp it to my old-school bank account sooner rather than later.
Only time will tell if I was over-reacting or KuCoin would bite the dust like the rest of them. If it’s the former, well at least I learnt from this episode that KuCoin Earn redemptions are processed way faster than their counterparts at Gemini Earn. LOL.
My KuCoin referral link: https://www.kucoin.com/ucenter/signup?rcode=rJTUV15
