Cool Coin Withdrawal 20 Trillion Shiba Inu

A whale investor has withdrawn a staggering amount of Shiba Inu tokens from the popular cryptocurrency exchange KuCoin, according to an indictment by U.S. authorities. Data from popular cryptocurrency tracking bot Whale Alert shows that 2 trillion Shiba Inu tokens worth $62.23 million were withdrawn from KuCoin yesterday. According to the post, the funds were transferred from KuCoin to an unknown wallet.

This prompted a range of reactions, with some community members speculating that a whale entity may have been moving funds following charges brought against KuCoin by U.S. authorities.

Transaction Details
On the contrary, the investigation revealed that KuCoin withdrew the funds to one of its wallets labeled “KuCoin 20.” Further analysis of data provided by Arkham Intelligence shows that the receiving addresses currently hold $573.32 million worth of crypto assets.

Interestingly, the Shiba Inu ranks as the most valuable asset at this address, with an estimated value of $62.09 million.

US government files criminal charges against KuCoin, triggering mass crypto withdrawals
The recent deal coincides with reports that the U.S. government has filed criminal charges against the exchange and its two founders, Ke Tang and Chun Gan.

The U.S. Department of Justice has charged KuCoin with violating the Bank Secrecy Act, similar charges it brought against Binance last year.

Additionally, authorities claim that KuCoin operated within the United States without registering and complying with anti-money laundering rules and other laws.

Once the allegations became widely publicized, KuCoin suffered a massive loss of more than $1 billion. As Cointelegraph reported yesterday, the exchange moved 250 million XRP worth $158.38 million between its wallets.

These XRP tokens were transferred to other major cryptocurrency exchanges, including Binance and Bybit, to meet users’ withdrawal needs.

Although KuCoin withdrew 2 trillion Shiba Inu tokens to meet users’ withdrawal needs, the reason behind it appears to be for safekeeping.

Meanwhile, the Shiba Inu price has increased by 4% in a daily basis to $0.00003105. The dog-themed token is the 11th-largest cryptocurrency with a market cap of $18.27 billion.

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