Crypto Traders Pull Assets from KuCoin After Indictment
After KuCoin faced a government indictment, crypto traders transferred $208 million worth of digital assets off the platform. According to Nansen, $99 million moved on Ethereum, while $108 million flowed on Ethereum Virtual Machine chains.
KuCoin Holds $6 Billion Across Multiple Chains
- KuCoin still retains more than $6 billion worth of assets on Ethereum, Bitcoin, Solana, and other blockchains, as per Nansen’s data.
US Government Indicts KuCoin Founders
- The US Department of Justice (DOJ) and the CFTC unsealed charges against KuCoin and its founders Chun Gan and Ke Tang for operating an unlicensed money-transmitting business and lacking a proper AML program.
- Federal agencies allege that KuCoin received over $5 billion in suspicious and criminal transactions.
Homeland Security Describes KuCoin as Criminal Entity
- Homeland Security Investigations (HSI) Acting Special Agent Darren McCormack condemned KuCoin as an “alleged multibillion-dollar criminal conspiracy” that flouted crucial financial laws, jeopardizing the digital banking infrastructure.
Hot Take: KuCoin Faces Legal Trouble
Following a government indictment, crypto traders have withdrawn significant assets from KuCoin. The platform’s founders are embroiled in legal trouble for allegedly breaking financial regulations.
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