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In an unexpected twist, over 1.4 trillion Shiba Inu coins, valued at approximately $43.5 million, were transferred to the KuCoin exchange, currently under scrutiny by the US Department of Justice for alleged regulatory violations.
Massive SHIB Transfers to KuCoin Spark Concern Amidst Legal Troubles for Exchange
According to a recent Twitter/X post by prominent cryptocurrency tracker Whale Alert, an astonishing amount of SHIB, exceeding a trillion meme coins, was deposited on the KuCoin exchange approximately an hour ago. The latter is currently facing criticism from the US Department of Justice.
While users have been withdrawing cryptocurrency from this charged trading platform, including massive amounts of Shiba Inu, the mysterious whale has transferred $43.5 million in SHIB to one of KuCoin's addresses.
As mentioned earlier, a source tweeted that a whopping 1,407,941,951,453 SHIB (evaluated at $43,508,926 at the time of transfer) exited a mysterious crypto wallet and was deposited to the KuCoin exchange. This week, the latter has made headlines following the US Department of Justice's charges against the platform and two of its founders.
Earlier this week, the crypto mentioned above trading venue saw twice as many SHIB—2,000,000,000,000 meme coins—leave after the DoJ charged KuCoin with violating the Bank Secrecy Act. This resulted in the failure to maintain a firm laundering money program, thereby providing a platform for illegal financial activities.
Furthermore, according to the DoJ, KuCoin received funds from the sanctioned cryptocurrency transaction mixer Tornado Cash but never reported any suspicious crypto transfers. According to the additional data provided by Arkham Intelligence and Etherscan, KuCoin initiated both massive transactions.
However, massive fund outflows were recorded from KuCoin, totaling around $500 million, according to an earlier U.Today report published this week.
Shiba Inu Experiences Dip in Market, Slight Recovery Amidst Meme Coin Volatility
Shiba Inu, the second most popular meme cryptocurrency, has dropped by 5.86%. A slight increase followed, softening the drop and reducing it to minus 4.76% since Thursday. At the time of writing, SHIB is trading at $0.00003082. Shiba Inu currently holds the 11th position on the CoinMarketCap scale, with a market capitalization of $18,164,081,259.
SHIB's rival, Dogecoin, is slightly ahead, ranking eighth with a market capitalization of $30,746,229,876.
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