Bitcoin
Bitcoin (BTC)
$64,117.00 -2.77071
Bitcoin price
Ethereum
Ethereum (ETH)
$3,163.55 -8.11822
Ethereum price
BNB
BNB (BNB)
$557.32 -4.41011
BNB price
Solana
Solana (SOL)
$170.60 -1.5102
Solana price
XRP
XRP (XRP)
$0.6052230 0.38679
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000162 -5.16461
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000117 -3.1191
Pepe price
Bonk
Bonk (BONK)
$0.0000267 -4.89339
Bonk price
Bitcoin
Bitcoin (BTC)
$64,117.00 -2.77071
Bitcoin price
Ethereum
Ethereum (ETH)
$3,163.55 -8.11822
Ethereum price
BNB
BNB (BNB)
$557.32 -4.41011
BNB price
Solana
Solana (SOL)
$170.60 -1.5102
Solana price
XRP
XRP (XRP)
$0.6052230 0.38679
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000162 -5.16461
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000117 -3.1191
Pepe price
Bonk
Bonk (BONK)
$0.0000267 -4.89339
Bonk price
Bitcoin
Bitcoin (BTC)
$64,117.00 -2.77071
Bitcoin price
Ethereum
Ethereum (ETH)
$3,163.55 -8.11822
Ethereum price
BNB
BNB (BNB)
$557.32 -4.41011
BNB price
Solana
Solana (SOL)
$170.60 -1.5102
Solana price
XRP
XRP (XRP)
$0.6052230 0.38679
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000162 -5.16461
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000117 -3.1191
Pepe price
Bonk
Bonk (BONK)
$0.0000267 -4.89339
Bonk price
Bitcoin
Bitcoin (BTC)
$64,117.00 -2.77071
Bitcoin price
Ethereum
Ethereum (ETH)
$3,163.55 -8.11822
Ethereum price
BNB
BNB (BNB)
$557.32 -4.41011
BNB price
Solana
Solana (SOL)
$170.60 -1.5102
Solana price
XRP
XRP (XRP)
$0.6052230 0.38679
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000162 -5.16461
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000117 -3.1191
Pepe price
Bonk
Bonk (BONK)
$0.0000267 -4.89339
Bonk price

KuCoin allegedly burned millions in ETH in 2022

kucoin-allegedly-burned-millions-in-eth-in-2022
Edited by
News
KuCoin allegedly burned millions in ETH in 2022

A substantial amount of ethereum (ETH), valued at tens of millions of dollars, was sent to the ethereum burn address in a series of unusual transactions conducted by Kucoin in 2021.

Conor Grogan, head of product at Coinbase, discussed the transactions with 23,000 of his followers on Twitter.

Within blockchain technology, the ethereum burn address, often called the null address, is a metaphorical black hole. Tokens sent to this address become irretrievable, effectively removing them from circulation, commonly known as burning.

Given the exchange’s holding of substantial digital assets for traders, such a transaction raises concerns. However, the exact reasons behind this move remain unknown, as no concrete information has emerged to shed light on the circumstances that led to this situation.

The unexpected burns occurred over three days, commencing on September 7, 2021, and involving over 3,500 transactions of USDT (tether) and ETH.

One theory suggests that KuCoin may have entered into a one-time agreement with Bitfinex, the entity behind tether, to redeem USDT, supported by the available evidence. However, this argument must adequately explain why ETH was sent to the burn address.

Another theory proposes that this peculiar asset reshuffling could have been caused by a system malfunction or an oversight in the operation of an automated system. Despite several hypotheses, why KuCoin would burn such a substantial quantity of ETH remains unanswered. The mystery continues to baffle observers within the crypto community.