KuCoin Announces $10 Million Airdrop Amidst US Justice Department Charges

cryptonews.com:

KuCoin, a cryptocurrency exchange, has announced an airdrop of Bitcoin and its native KuCoin (KCS) token, totaling $10 million, to their loyal customers, despite recent US DOJ charges.

KuCoin CEO Johnny Lyu announced the news in a letter published on the exchange’s blog. The move comes amid legal challenges and charges filed by the United States Justice Department against the exchange and its founders.

Our CEO @lyu_johnny wrote a letter to the #KuCoin community, addressing the recent challenge and expressing gratitude with a $10M giveaway for the unwavering support from all of you.

Read the full letter ⬇️

— KuCoin (@kucoincom) March 27, 2024

On March 27th, KuCoin’s CEO, Johnny Lyu, expressed gratitude to the exchange’s user base in a letter posted on the exchange blog. Despite recent challenges, including withdrawal delays on March 26th and 27th, Lyu emphasized KuCoin’s commitment to ensuring the security of user assets and complying with regulatory standards. He thanked users for their support and trust during this tumultuous period.

Lyu mentioned that since their intervention, KuCoin’s mission has been to grow alongside the crypto industry and promote global recognition, acceptance, and affection for the sector. He drew parallels between the airdrop and the exchange’s past initiative to reimburse investors affected by the Confido rug pull.

The CEO explained that some users experienced withdrawal delays due to high volumes, possibly from cautious customers withdrawing from the exchange. To show appreciation for users’ support and patience, KuCoin will initiate a special airdrop event totaling $10 million in KCS and BTC. Lyu highlighted that this proactive compensation marked the origin of the title “People’s Exchange,”