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Cocoin Users’ Cryptocurrency Reserves Decline by Over 20%

Cryptocurrency exchange Cocoin has seen a staggering 20% ​​drop in user-held reserves, according to its latest Proof of Reserves (PoR) report. The decline comes amid a wave of user takedowns and allegations from the US government over alleged violations of anti-money laundering protocols.

Regulatory Challenges Facing Cocoin Cause User Withdrawals

Displays the latest reserves justification report (PoRAccording to the Cocoin exchange, the percentage of asset reserves held by users is 12,115 Bitcoin (BTC), 112,763 Ethereum (ETH), 963.72 million USDT and 39.35 million US dollars. The current amount reflects a significant decline in its holdings of major cryptocurrencies.

Compared to the last report last February, users' Bitcoin holdings decreased by 25.4%. While Ethereum fell by 21.91% and USDT by 21.5%.

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KuCoin PoR in March 2024.
Proof of reserves for the CoCoin exchange in March 2024. Source: KuCoin

The decrease in reserves follows an increase in withdrawals from the stock market. BeInCrypto reported that Cocoin recorded withdrawals exceeding $1.2 billion. While the total outflow reached 274 million US dollars and 15,500 ETH from Ethereum wallets on the Cocoin exchange within a few hours.

Many also associate these withdrawals with the recent indictment issued by the New York Attorney General. Who accuses Cocoin and its founders of orchestrating a multi-billion dollar criminal conspiracy

through statement Officially, U.S. Attorney Damian Williams claimed that Cocoin Exchange was operating as an unlicensed money transmitter. The lawyer also accused the exchange of violating the Bank Secrecy Act by failing to implement adequate anti-money laundering measures.

“Cocoin and its founders deliberately sought to hide the fact that a large number of US users were trading on the platform. In fact, Cocoin allegedly leveraged its large US customer base to become one of the largest crypto derivatives exchanges. currency and spot exchanges in the world." With daily transactions, billions of dollars and billions of dollars in annual trading volume.

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Also, in the wake of these accusations, Cocoin announced... A drop of 10 million dollars of tokens following withdrawals and complaints. Johnny Liu, CEO of Cocoin, affirmed that this initiative aims to compensate those affected by the recent withdrawals and expressed his gratitude for their loyalty during these difficult times.

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