Summary
TLDR: KuCoin’s user-held reserves dropped by 20% amid a surge in withdrawals and allegations of anti-money laundering violations from the US government. The exchange’s latest proof-of-reserves report shows significant decreases in holdings of key cryptocurrencies. KuCoin announced a $10 million token airdrop to compensate affected users and express gratitude for their loyalty.
Key Points
1. KuCoin has experienced a 20% drop in its user-held reserves, as reported in the most recent proof-of-reserves (PoR) report.
2. The decline in reserves coincides with a surge in user withdrawals and allegations from the US government regarding alleged anti-money laundering violations.
3. KuCoin announced a $10 million token airdrop as a response to the withdrawals and allegations, aiming to compensate affected users and show appreciation for their loyalty during challenging times.