A colossal amount of Shiba Inu tokens has been withdrawn from the renowned cryptocurrency exchange KuCoin by a whale, following an indictment from U.S. authorities. Whale Alert, a popular crypto tracking bot, has recorded that 2 trillion Shiba Inu tokens, equivalent to $62.23 million, were withdrawn from KuCoin yesterday and transferred to an unknown wallet. This has sparked speculation among community members that the withdrawal may be connected to the charges brought against KuCoin by U.S. authorities.
However, further investigations have revealed that KuCoin itself withdrew the funds to one of its own wallets, labeled “KuCoin 20.” Through analysis conducted by Arkham Intelligence, it has been discovered that the recipient address currently holds crypto assets valued at $573.32 million. Notably, the most valuable asset in the address is the Shiba Inu tokens, with a worth of $62.09 million.
This transaction comes at a time when U.S. authorities have filed criminal charges against KuCoin and two of its founders, Ke Tang and Chun Gan. The United States Department of Justice (DoJ) has accused KuCoin of violating the Bank Secrecy Act, a charge that was also brought against Binance last year. Additionally, the authorities claim that KuCoin operated in the U.S. without registering and complying with anti-money laundering regulations and other laws.
In response to these allegations, KuCoin experienced a massive outflow of funds, estimated to be over $1 billion. As reported previously, the exchange transferred a staggering 250 million XRP, worth $158.38 million, between its wallets. These XRP coins were moved to fulfill users’ withdrawal requests and were subsequently transferred in small increments to other leading crypto exchanges, including Binance and Bybit.
While the motive behind the withdrawal of 2 trillion Shiba Inu tokens remains unclear, it appears to have been done for safekeeping purposes. Meanwhile, the price of Shiba Inu has seen a daily increase of 4% to reach $0.00003105. As the 11th largest cryptocurrency, it currently holds a market capitalization of $18.27 billion.
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