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KuCoin Charged by U.S., NFT Game Munchables, Azuki Partners with Arbitrum

KuCoin Charged by U.S., NFT Game Munchables, Azuki Partners with Arbitrum

This week in web3 via NettyBytes

Alcides Aguasvivas
March 28, 2024

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1. KuCoin Charged by U.S. Prosecutors for Anti-Money Laundering Violations

Federal prosecutors in Manhattan have charged KuCoin, a major cryptocurrency exchange, with violating U.S. anti-money laundering laws. The exchange allegedly failed to vet customers and allowed billions of dollars in illicit funds to be transferred since its founding in 2017. KuCoin is accused of seeking business from U.S. customers without registering with the Treasury Department and implementing required identity verification procedures. The exchange's founders, Chun Gan and Ke Tang, both Chinese nationals, are charged with conspiracy and are currently at large. In a separate action, the U.S. Commodity Futures Trading Commission filed a civil lawsuit against KuCoin for failing to register its futures and swaps activities. KuCoin had previously agreed to block New York users and pay $22 million to settle a lawsuit from the state.

2. NFT Game Munchables on Blast Exploited for $62 Million

Source: X, @_munchables

The nonfungible token (NFT) game Munchables, built on the Ethereum layer-2 blockchain Blast, was exploited for $62 million. The exploit involved the manipulation of a contract upgrade, allowing the attacker to assign themselves a large Ether balance before withdrawing it. The Munchables team is tracking the attacker's movements and attempting to stop the transactions. Calls have been made for Blast to intervene and roll back the chain, but others argue against centralized intervention, citing the ethos of decentralized networks.

3. Azuki Partners with Arbitrum to Launch AnimeChain, a Blockchain for Anime Fans

Source: Chiru Labs

Azuki, an NFT project, has chosen Arbitrum to launch AnimeChain, a blockchain dedicated to anime fans. AnimeChain, announced by the Arbitrum Foundation, Weeb3 Foundation, and Chiru Labs, aims to be a one-stop shop for anime creators and fans, offering original and third-party content, games, merchandise, and NFTs. Azuki evaluated various Ethereum scaling solutions and found Arbitrum to be the best fit for AnimeChain due to its speed and scalability.