Mysterious 1.4 Trillion SHIB Sent to KuCoin Despite Legal Storm
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
According to the recent Twitter/X post published by prominent cryptocurrency tracker Whale Alert, approximately an hour ago, an astonishing amount of SHIB, which exceeded a whopping trillion meme coins, was deposited to the KuCoin exchange. The latter is currently under fire from the US Department of Justice.
While users have been withdrawing their crypto from this charged trading platform, including tremendous amounts of Shiba Inu, the mysterious whale has moved $43.5 million in the SHIB equivalent to one of KuCoin’s addresses.
Yuri Molchan1.4 trillion SHIB sent despite legal storm hitting KuCoin
The aforementioned data source tweeted that a whopping 1,407,941,951,453 SHIB (evaluated at $43,508,926 at the time of the transfer making) exited a mysterious crypto wallet and was deposited to the KuCoin exchange. The latter has made headlines this week in light of the charges given to the platform and two of its founders by the US Department of Justice.
Earlier this week, the aforesaid crypto trading venue saw a twice as big amount of SHIB – 2,000,000,000,000 meme coins – leaving it after the DoJ slammed KuCoin with charges of violating the Bank Secrecy Act, which led to failing to maintain a firm laundering money program thus providing a platform for illegal financial activities. Besides, according to DoJ, KuCoin received funds from the sanctioned crypto transactions mixer Tornado Cash and never reported any suspicious crypto transfers received from it.
In both cases, however, the initiator of these mammoth-sized transactions was KuCoin itself, according to the additional data provided by Arkham Intelligence and Etherscan.
However, gigantic fund outflows were indeed registered from KuCoin and they totalled approximately $500 million, according to an earlier U.Today report published this week.
SHIB price performance in last 24 hours
Over the past 24 hours, the second most popular meme cryptocurrency Shiba Inu has printed a substantial 5.86% drop.
It was followed by a marginal rise which softened the drop, bringing it down to minus 4.76% since Thursday. At the time of writing this article, SHIB is changing hands at $0.00003082. Currently, Shiba Inu is an honorable holder of the 11th place on the CoinMarketCap scale with a market capitalization value of $18,164,081,259.
SHIB’s rival Dogecoin is slightly ahead, sitting on the 8th position and the market cap totaling $30,746,229,876.
Related articles
Alex Dovbnya
Dan Burgin
Vladislav Sopov