KuCoin Plans a $10M Airdrop of Bitcoin and KuCoin Tokens One Day After DOJ Charges.
Recently, Johnny Lyu, the CEO of KuCoin, revealed plans for the KuCoin 10M Airdrop, a major airdrop. This airdrop has a combined total value of $10 million and includes both Bitcoin (BTC) and KCS, the native token of KuCoin. Just one day after the Department of Justice (DOJ) brought charges against KuCoin, the news was made.
Johnny Lyu Posted on Twitter
Thanks for standing by and trusting KuCoin during this time. It means a lot to us.
With great gratitude, we’ll launch a special $10M airdrop in $KCS & $BTC to the users who experienced longer-than-expected wait times during the withdrawal process in the past 2 days.
Details…
— Johnny_KuCoin (@lyu_johnny) March 27, 2024
Kucoin 10M Airdrop in Bitcoin
Although Lyu did not directly mention the federal accusations in his letter, he did thank KuCoin users for their support and confidence over the last few days. He compared the airdrop to the exchange’s past refund of investors who lost money during the Confido rug pull incident.
The withdrawal delays encountered by certain customers on March 26 and 27 could be related to the huge volume of transactions, with about $800 million removed from the exchange. The airdrop is intended to express gratitude to people who have remained faithful to KuCoin during this difficult time. The blog post states that the guidelines for the airdrop event will be revealed in three days.
The Justice Department charged the exchange’s founders with violating the Bank Secrecy Act by operating an unauthorized money-transmitting firm and failing to have an anti-money laundering program. Concurrently, the Commodity Futures Trading Commission (CFTC) filed a legal complaint against KuCoin for violating the Commodity Exchange Act and CFTC regulations.
Conclusion of Kucoin 10M Airdrop
KuCoin CEO Johnny Lyu plans a $10 million airdrop involving Bitcoin and KuCoin, following charges brought by the United States Justice Department against the exchange and its founders. Lyu praised KuCoin users for their support and compared the airdrop to the exchange’s previous reimbursement of investors. The Justice Department unveiled charges related to Bank Secrecy Act violations and the Commodity Futures Trading Commission (CFTC) initiated a civil case against KuCoin for violations of the Commodity Exchange Act and CFTC regulations.
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Source: CoinMarketCap News
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