KuCoin Unveiled Details of a $10 Million Airdrop
Last week, one of the world's major exchanges, KuCoin, announced a significant $10 million token airdrop. The decision followed serious criminal charges from the U.S. government. Recently, the exchange presented the details of the airdrop.
The U.S. Department of Justice, along with regulator CFTC, last week filed lawsuits against the KuCoin exchange and its founders, accusing them of violating anti-money laundering laws. The U.S. government also accused its founders Chun Gan and Ke Tang of a multi-billion dollar criminal conspiracy.
The criminal charges caused panic in the cryptocurrency community, and the platform faced a number of technical problems due to massive withdrawals totaling over $1 billion.
The KuCoin team responded to the accusations by assuring customers that their funds were safe. And in order to regain the trust of the crypto industry, it announced a significant token airdrop totaling $10 million.
The initiative is aimed at giving away Bitcoins and KCS, the native token of the KuCoin exchange, and is a way to compensate users affected by the platform's technical issues. This was announced earlier last week by CEO Johnny Lyu, who promised to provide details of the airdrop soon.
Therefore, the exchange will allocate $8.95 million to those who experienced withdrawal difficulties between March 26 and March 28. Depending on the duration of the withdrawal delay, the distribution amount will range from 5 to 200 USDT. Users will receive 1-to-1 vouchers that can be exchanged for Bitcoin or KCS within a week.
In addition, airdrop may also apply to those users who did not withdraw their funds during the specified period. Users with a significant amount of investments will receive a more significant reward. The platform will disclose the details of this distribution later.
