KuCoin Admits Guilt in $4B Illegal Transactions

News on the Blockchain, January 28th, 2025

Confidence in Knowledge. Not Financial Advice.

www.notb.today 

🌍 Daily Crypto Market Overview

Global Stats:

• Cryptocurrencies: 10.26M+

• Exchanges: 780

• Market Cap: $3.49T (+1.23%)

• 24h Volume: $196.06B (+87.84%)

• Bitcoin Dominance: 58.00%

• Ethereum Dominance: 11.00%

• ETH Gas Price: 3.65 Gwei

• Fear & Greed Index: 53 (Neutral)

🪙 Top 5 Cryptocurrencies by Market Cap:

💹 Market Highlights:

• Total DeFi Volume: $11.73B (5.98% of total)

• Stablecoins Volume: $178.46B (91.02% of total)

• Coin with Highest % Change: FLOCK (+38.38%)

🚀 Trending on DexScan:

1. SHY/SOL: $0.0074 (+74.18%)

2. DeepSeek/SOL: $0.0102 (+433%)

3. FAFO/SOL: $0.0054 (+89.08%)

4. GARLIC/SOL: $0.0027 (+2457%)

5. Seek/SOL: $0.0082 (+66.28%)

🔥Heat Map:

📈 Preview On Today’s News:

1. - KuCoin Admits Guilt in $4B Illegal Transactions

2. - Ripple CEO Advocates for a Diversified U.S. Digital Asset Reserve

3. - DeepSeek AI Triggers Nvidia's $600 Billion Market Cap Crash

Keep reading below for more!

Today’s News:

1)

KuCoin Admits Guilt in $4B Illegal Transactions

KuCoin, a major cryptocurrency exchange, has admitted guilt in a U.S. Department of Justice case accusing it of operating as an unlicensed money transmitter and facilitating $4 billion in illegal transactions. As part of a $300 million settlement, KuCoin will cease operations in New York, and its co-founders, Chun Gan and Ke Tang, will step down after forfeiting $2.7 million each. The case highlights ongoing U.S. regulatory crackdowns on crypto firms violating Anti-Money Laundering (AML) and Know Your Customer (KYC) laws, with new efforts aimed at fostering a safer and more transparent market.

• KuCoin agreed to a $300 million settlement with the DOJ, halting operations in New York and seeing its co-founders step down after forfeiting personal funds.

• The case reflects increased regulatory scrutiny of crypto firms as U.S. authorities push for compliance with AML and KYC laws to protect investors and reduce financial crimes.

2)

Ripple CEO Advocates for a Diversified U.S. Digital Asset Reserve

Brad Garlinghouse, CEO of Ripple Labs, has called for a U.S. digital asset reserve that includes multiple cryptocurrencies, not just Bitcoin (BTC) or XRP. Emphasizing a multichain approach, Garlinghouse argued that a national reserve should represent the broader crypto industry rather than promoting token maximalism. His comments come as President Trump evaluates the creation of a national digital asset stockpile, with Polymarket odds currently placing only a 17% likelihood of approval within the first 100 days of the administration. Garlinghouse’s advocacy highlights a shift away from maximalist ideologies in favor of a more inclusive approach to digital asset adoption.

• Brad Garlinghouse supports a U.S. digital asset reserve that includes multiple cryptocurrencies, reflecting the industry's diversity rather than favoring a single token like BTC or XRP.

• With a 17% likelihood of approval within the first 100 days of Trump's administration, the potential reserve underscores the growing conversation around crypto adoption and regulation.

3)

DeepSeek AI Triggers Nvidia's $600 Billion Market Cap Crash

Nvidia (NVDA) experienced a historic $600 billion market cap loss on Monday, marking the steepest single-day drop for a U.S. company in history. The company’s stock plunged 17%, closing at $118.58, following the launch of DeepSeek AI’s groundbreaking open-source large language model. This innovation has sparked fears on Wall Street regarding its potential to challenge U.S. dominance in the AI industry and reduce demand for GPUs, leading to widespread sell-offs across semiconductor and data center firms, including Dell, Oracle, and Super Micro Computer. Nvidia, which recently became the largest company by market cap, saw its valuation tumble from $3.49 trillion to just above $2.9 trillion in a single session.

• Nvidia's market cap dropped $600 billion in a day, triggered by DeepSeek AI’s revolutionary technology and fears of declining GPU demand.

• Semiconductor and tech firms like Dell, Oracle, and Super Micro Computer also suffered significant losses, as DeepSeek's AI challenges U.S. dominance in the AI sector.

Disclaimer:

The information provided in this newsletter is based on our data findings and opinions. It is intended for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and it is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. We are not responsible for any financial losses or gains you may incur as a result of using this information.

Become a paying subscriber of News + to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

A subscription gets you:

• • Access to 196 additional news articles every MONTH.