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KuCoin announces $10 million airdrop in Bitcoin and its native token amid prison woes

KuCoin announces $10 million airdrop in Bitcoin and its native token amid prison woes

Outflows from the trade accept as true with amounted over $1 billion internal 24 hours.

Crypto trade KuCoin will start a obvious $10 million airdrop in Bitcoin and KuCoin tokens for customers experiencing withdrawal delays, mentioned Johnny Lyu, CEO of KuCoin, in a recent put up on X. This resolution came after the trade used to be hit by recent costs from the US Department of Justice (DOJ) on Tuesday.

Thanks for standing by and trusting KuCoin at some stage in this time. It system quite a bit to us.

With enormous gratitude, we are going to start a obvious $10M airdrop in $KCS & $BTC to the customers who skilled longer-than-expected wait times at some stage in the withdrawal task in the past 2 days.

Limited print…

— Johnny_KuCoin (@lyu_johnny) March 27, 2024

Limited print of the airdrop shall be published in the following three days. As well to this special airdrop, KuCoin plans to reward customers who stayed with the trade at some stage in this time. This came after a user inquired about the opportunity of rewarding those that “didn’t paper-hand” and left KuCoin.

Live tuned for added info. In spite of every little thing, we are able to reward those that’ve continually been with us!

— KuCoin Updates (@KuCoinUpdates) March 27, 2024

KuCoin has handled plenty of withdrawals since the recent costs surfaced. In line with Nansen’s records, KuCoin’s customers accept as true with pulled $1 billion (now not alongside with Bitcoin) from the trade over the past 24 hours. Additionally, the entire sources on the trade dropped to $4.8 billion, down 20%.

Some customers took to X to complain about withdrawal complications in the previous couple of days.

Kucoin insolvent? My funds are stuck in Kucoin.

I attempted withdrawing, but it with out a doubt hasn’t executed for half-hour; it’s peaceful exhibiting Processing.

Withdraw your funds from Kucoin as soon as that that you simply might perchance presumably imagine. It is unusual, a neutral like FTX. Better ranking than sorry. pic.twitter.com/Q7402pyFFy

— Vasu Crypto (∎, ∆) (@0x_Lens) March 26, 2024

On the other hand, Narrate on Chain experiences that KuCoin peaceful processes remittances in most cases. This might perchance perchance well rob longer as a result of the elevated desire of user requests.

Some Kucoin customers reported withdrawal complications, but from our on-chain records, the withdrawal is peaceful enabled and working.https://t.co/bqWUWJg8oY pic.twitter.com/FM0ZUg3zqt

— Narrate On Chain (@spotonchain) March 26, 2024

The DOJ’s accusations against KuCoin and its founders consist of operating an unlicensed cash transmission trade and facilitating $9 billion in unlawful transactions since 2017. KuCoin has acknowledged the allegations and is actively looking out out for prison counsel to address the topic, assuring customers that their sources remain ranking.

The trade has additionally confronted prison challenges from the Commodity Futures Procuring and selling Commission, which has cited the firm for offering unregistered procuring and selling products and companies and non-compliance with KYC regulations.

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