In a surprising move, a large investor has pulled a significant amount of Shiba Inu tokens from popular crypto exchange KuCoin following legal action taken by U.S. authorities. Whale Alert, a tracking bot for cryptocurrency transactions, recorded the withdrawal of 2 trillion Shiba Inu tokens valued at $62.23 million from KuCoin. The funds were transferred to an unknown wallet, sparking speculation within the community about the motive behind the move. However, further investigation revealed that KuCoin itself withdrew the funds to one of its own wallets labeled “KuCoin 20.” The recipient address currently holds a total of $573.32 million in various cryptocurrencies, with Shiba Inu being the most valuable asset at $62.09 million.
This transaction coincides with reports of criminal charges being filed against KuCoin and its founders, Ke Tang and Chun Gan, by U.S. authorities. The charges include violating the Bank Secrecy Act and operating in the U.S. without proper registration and compliance with anti-money laundering regulations. Following the allegations, KuCoin experienced a massive outflow of funds, estimated to be over $1 billion. Just recently, the exchange moved 250 million XRP coins worth $158.38 million to fulfill users’ withdrawal requests. These funds were then transferred to other leading crypto exchanges, such as Binance and Bybit, in smaller increments.
While the motive behind the withdrawal of the 2 trillion Shiba Inu tokens remains unclear, it appears to be a measure taken by KuCoin for safekeeping. Meanwhile, the price of Shiba Inu has seen a daily increase of 4%, reaching $0.00003105. As the 11th largest cryptocurrency, it currently has a market capitalization of $18.27 billion.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed herein are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic holds no responsibility for any financial losses incurred.
