The post Kucoin’s Increasing APY, Is this a Glitch or An Indication of Something Worst? appeared first on Coinpedia Fintech News
The “KuCoin Earn” deposit interest rate on the current platform has reportedly risen, with annualized interest rates of 229% for ETH, 305% for BTC, and 100% for USDT, according to the official website of the cryptocurrency trading platform KuCoin.
Since the FTX crash, numerous platforms with the claim of offering high-interest deposits have closed down one after another, which is curious while cryptocurrency bears continue to slump. Where did the interest rate get so high?
Some investors are using high-interest rates to entice user deposits because they think KuCoin is experiencing a liquidity issue. Many Twitter users advocate for quickly withdrawing deposits. KuCoin representatives, meanwhile, have not responded to any comment.