Cryptocurrency exchange KuCoin has dumped $10 million in bitcoins and its native token KCS to convince users to stay on the exchange after facing criminal charges from prosecutors in the Southern District of New York (SDNY) and civil charges from the US Commodity Futures Trading Commission (CFTC). The company was.
We would like to thank #KuCoin users for their support, trust and friendship over the past few days and the past seven years", said Johnny Liu, CEO of KuCoin.
The announcement came a day after KuCoin users withdrew more than $1 billion following news of allegations against the exchange, Liu said:
"Recently, on March 26 and 27, some users took longer than expected to withdraw funds. As the People's Exchange, we feel deeply responsible for this inconvenience and sincerely apologize.
The exchange's total assets now stand at US$5 billion, up from US$6.3 billion earlier in the week. The exchange, based primarily in Singapore and China, has been accused by the U. S. Department of Justice and the CFTC of operating as an unlicensed money transfer operator in the U. S. and using a "know-your-customer" regime that allegedly fails to prevent money laundering.
As a result of KuCoin's willful failure to maintain required AML and KYC programs, KuCoin was used as a vehicle to launder significant criminal proceeds, including proceeds from darknet marketplaces, malware, ransomware, and fraudulent schemes," prosecutors allege since its founding in 2017, KuCoin has allegedly received more than $5 billion and transferred more than $4 billion in suspected criminal proceeds.
KuCoin's co-founders, Chinese nationals Chun Gang and Ke Tang, remain at large.
We are aware of these reports and are currently working with our lawyers to verify the details," the exchange wrote in response to the ongoing litigation.
Taiwanese musician and blockchain entrepreneur Jeffrey Huang, known as "Big Brother Machi," has raised $37.5 million in a pre-sale of #Solana Bobaoppa memcoin As of March 28, investors had sent 200,000 to the pre-sale address. Based on one tweet from the Bobaoppa project, more SOLs have been sent.
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