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Crypto alternate KuCoin will launch a particular $10 million airdrop in Bitcoin and KuCoin tokens for customers experiencing withdrawal delays, mentioned Johnny Lyu, CEO of KuCoin, in a current put up on X. This resolution got here after the alternate was hit by new prices from the US Division of Justice (DOJ) on Tuesday.
Thanks for standing by and trusting KuCoin throughout this time. It means lots to us.
With nice gratitude, we’ll launch a particular $10M airdrop in $KCS & $BTC to the customers who skilled longer-than-expected wait instances through the withdrawal course of up to now 2 days.
Particulars…
— Johnny_KuCoin (@lyu_johnny) March 27, 2024
Particulars of the airdrop can be revealed within the subsequent three days. Along with this particular airdrop, the alternate plans to reward customers who stayed with the alternate throughout this time. This got here after a person inquired about the opportunity of rewarding those that “didn’t paper-hand” and left KuCoin.
Keep tuned for additional particulars. After all, we are going to reward those that’ve at all times been with us!
— KuCoin Updates (@KuCoinUpdates) March 27, 2024
KuCoin has handled quite a few withdrawals because the current prices surfaced. In response to Nansen’s information, KuCoin’s customers have pulled $1 billion (not together with Bitcoin) from the alternate over the previous 24 hours. Moreover, the full property on the alternate dropped to $4.8 billion, down 20%.
Some customers took to X to complain about withdrawal issues up to now hours.
Kucoin bancrupt? My funds are caught in Kucoin.
I attempted withdrawing, however it hasn’t accomplished for half-hour; it is nonetheless displaying Processing.
Withdraw your funds from Kucoin as quickly as potential. It is irregular, much like FTX. Higher protected than sorry. pic.twitter.com/Q7402pyFFy
— Vasu Crypto (∎, ∆) (@0x_Lens) March 26, 2024
Nevertheless, Spot on Chain reviews that KuCoin nonetheless processes remittances usually. This will likely take longer because of the elevated variety of person requests.
Some Kucoin customers reported withdrawal issues, however from our on-chain information, the withdrawal remains to be enabled and dealing.https://t.co/bqWUWJg8oY pic.twitter.com/FM0ZUg3zqt
— Spot On Chain (@spotonchain) March 26, 2024
The DOJ’s accusations towards KuCoin and its founders embody 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 property stay safe.
The alternate has additionally confronted authorized challenges from the Commodity Futures Buying and selling Fee, which has cited the corporate for providing unregistered buying and selling providers and non-compliance with KYC rules.
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