Investigator Alleges KuCoin Routed $13M in Stolen Crypto
Pseudonymous on-chain investigator ZachXBT says KuCoin moved more than $13 million in stolen cryptocurrency through its platform in April and did not respond to German investigators.
On May 22 the pseudonymous blockchain investigator known as ZachXBT posted on X that more than $13 million in stolen cryptocurrency moved through KuCoin in April and that German law enforcement has received no response from the exchange when seeking information about the thefts.
The investigator linked the activity to two recent thefts. He said a fake Ledger Live app on the Mac App Store was used to steal about $9.5 million from more than 50 victims between April 7 and April 13. He connected a separate $3.5 million theft from Bitcoin Depot that occurred days earlier. The assets named include bitcoin, ether, tron, solana and XRP.
According to the on-chain analysis posted by the investigator, the stolen funds were rapidly deposited into more than 150 KuCoin deposit addresses and then consolidated through a centralized mixing service called AudiA6. The Bitcoin Depot funds were routed through more than 25 KuCoin addresses before moving on-chain, the investigator wrote. He estimated the total that passed through KuCoin at just over $13 million within a matter of weeks.
In the X post the investigator wrote, “The team is complicit and allows illicit activity to flow as long as it generates fees,” and added that he has raised similar concerns previously and is running out of options to compel action.
The investigator said German authorities have sought information from KuCoin but have not received cooperation. Without direct exchange assistance, tracing account-level links and freezing assets becomes more difficult because investigators rely on internal records to connect on-chain movements to user accounts.
KuCoin has not issued a public response to the allegations. The claims come after several regulatory actions: a 2024 U.S. Department of Justice charge that led to a near $300 million settlement in January 2025; a separate $500,000 civil penalty from the U.S. Commodity Futures Trading Commission for KuCoin’s parent company; Austria’s 2026 ban on onboarding new EU users; and an entry on Japan’s Financial Services Agency list of unregistered operators. Law enforcement records and formal requests for cooperation tied to the reported German probe have not been released publicly.
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
