KuCoin Announces Airdrop to Compensate Users after Withdrawal Delays and Large Outflows

Bittime - The latest developments on the KuCoin crypto asset exchange. This news comes amidst reports of the withdrawal of significant amounts of crypto assets from KuCoin on March 27, 2024. The announcement of this airdrop is a form of KuCoin's gratitude to its loyal users.

Major Recall Reported on March 27th

On March 27, there was a substantial outflow of crypto assets from KuCoin, totaling $1.197 billion over 24 hours. This withdrawal activity is thought to be in response to news of the US government filing criminal charges against KuCoin. 

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KuCoin Announces Airdrop to Thank Users

In what appears to be an act of goodwill, KuCoin today announced an airdrop program to compensate users for withdrawal delays experienced between March 26 and 27. This airdrop will be worth a total of $10 million USD, distributed in native tokens KuCoin, KCS , and Bitcoin (BTC). The exact allocation of each cryptocurrency airdrop has not been disclosed.

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Airdrop Details Still Pending

Although the airdrop's total value and time frame (March 26-27) coincided with the reported withdrawal delay, it is unclear whether the airdrop was directly related to the news of the large outflow. 

Additionally, official rules explaining the eligibility criteria and process for claiming the airdrop have not been announced. KuCoin expects to announce these details in the next 3 days.

Strategies for Establishing Good Relationships with Users

Although the relationship between the airdrop event and the outflow news that occurred yesterday cannot be ascertained. However, this airdrop can be seen as a positive step by KuCoin to maintain user trust and satisfaction, especially after news of legal issues. 

The decision on the legal issue that occurred has not yet reached a final conclusion to date. However, this airdrop can restore a sense of trust for KuCoin users

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How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.  

To be able to buy crypto assets on  Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Learn  Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

KuCoin Hit by Legal Issues, Triggering Massive Crypto Outflow 

Storm Hits Kucoin: Money Laundering Charges Rock Platform and Users

Ethena Announces ENA Token Airdrop for USDe Holders

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.