Cryptocurrency exchange KuCoin’s CEO Johnny Lyu has revealed plans for a major airdrop involving Bitcoin (BTC) and its native token KuCoin (KCS), amounting to a total value of $10 million.
Cryptocurrency exchange KuCoin’s CEO Johnny Lyu has revealed plans for a major airdrop involving Bitcoin (BTC) and its native token KuCoin (KCS), amounting to a total value of $10 million. This news follows the recent charges brought by the United States Justice Department against the exchange and two of its founders.
Although Lyu did not directly reference the federal charges in his letter, he hinted at the situation by expressing gratitude to KuCoin users for their support and trust during the past few days. He compared the airdrop to the exchange's previous reimbursement of investors who suffered losses in the Confido rug pull incident.
The delays in withdrawal experienced by some users on March 26 and 27 could be attributed to the high volume of transactions as almost $800 million of funds were withdrawn from the exchange. The airdrop serves as a gesture of appreciation to users who remained loyal to KuCoin during this challenging period. Specific rules for the airdrop event will be released in three days, according to the blog post.
The Justice Department unveiled charges related to violations of the Bank Secrecy Act, accusing the exchange's founders of operating an unlicensed money-transmitting business and lacking an Anti-Money Laundering program. Simultaneously, 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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