Kucoin announced a Token Airdrop worth 10 million USD. This decision comes after charges by the US Department of Justice (DOJ) against the cryptocurrency exchange for alleged anti-money laundering (AML) violations.
The indictment caused a stir in the cryptocurrency community, leading to more than $1 billion in withdrawals from the platform. Kucoin is currently trying to restore its reputation and restore trust among its customer base through Token Airdrop .
Kucoin details a Token Airdrop worth 10 million USD
The recent challenges began last week when the DOJ accused Kucoin and its founders, Chun Gan and Ke Tang, of running a multi-billion dollar criminal scheme. The charges include operating without a license and failing to implement adequate anti-money laundering measures.
According to the DOJ, Kucoin facilitated more than $9 billion in suspicious transactions, exploiting its significant customer base in the US to become a leading trading platform.
Despite the serious allegations, Kucoin has taken steps to address user concerns. The Airdrop initiative involves the distribution of 10 million USD in Bitcoin (BTC ) and Kucoin 's native Token , KCS, to users. The move is seen as an effort to compensate those affected by withdrawal delays and show appreciation for their patience and continued support.
Johnny Lyu, CEO of Kucoin, expressed gratitude to users for their trust and companionship over the years. He also emphasized the company's commitment to security and regulatory compliance.
Lyu said :
Some users had to wait longer than expected during the withdrawal process. As the “People's Exchange”, we feel deeply responsible for this inconvenience and sincerely apologize. To express our deep gratitude for your support and patience, Kucoin will launch a special Airdrop event.
The Airdrop includes 8.95 million USD reserved for those experiencing withdrawal congestion between 22:00 March 26, to 00:00 March 28 (UTC+8). The allocation amount ranges from 5 to 200 USDT based on the withdrawal delay period. Recipients will receive Token coupons exchangeable 1:1 for BTC/ KCS within one week, obtainable through the Kucoin App under “My Coupons” section.
Additionally, Kucoin plans to extend the Airdrop to existing users holding significant assets within the specified period, promising a larger Airdrop with details to be revealed. This approach reflects Kucoin 's commitment to its user base, to restore trust and ensure platform integrity.
