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KuCoin declares $10 million airdrop in Bitcoin and its native token amid authorized woes

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Crypto change KuCoin will launch a particular $10 million airdrop in Bitcoin and KuCoin tokens for customers experiencing withdrawal delays, stated Johnny Lyu, CEO of KuCoin, in a latest put up on X. This determination got here after the change was hit by new prices from the US Division of Justice (DOJ) on Tuesday.

Particulars of the airdrop can be revealed within the subsequent three days. Along with this particular airdrop, the change plans to reward customers who stayed with the change throughout this time. This got here after a person inquired about the opportunity of rewarding those that “didn’t paper-hand” and left KuCoin.

KuCoin has handled quite a few withdrawals for the reason that latest prices surfaced. In response to Nansen’s information, KuCoin’s customers have pulled $1 billion (not together with Bitcoin) from the change over the previous 24 hours. Moreover, the entire belongings on the change dropped to $4.8 billion, down 20%.

Some customers took to X to complain about withdrawal issues prior to now hours.

Nevertheless, Spot on Chain stories that KuCoin nonetheless processes remittances usually. This may increasingly take longer as a result of elevated variety of person requests.

The DOJ’s accusations in opposition to KuCoin and its founders embrace working an unlicensed cash transmission enterprise and facilitating $9 billion in unlawful transactions since 2017. KuCoin has acknowledged the allegations and is actively looking for authorized counsel to handle the matter, assuring customers that their belongings stay safe.

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The change has additionally confronted authorized challenges from the Commodity Futures Buying and selling Fee, which has cited the corporate for providing unregistered buying and selling companies and non-compliance with KYC laws.

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