Crypto Chaos: Kuna’s Sudden Shutdown Leaves Users in the Lurch! 😱💸

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In the land where the sun rises over fields of golden wheat, a shadow has fallen upon the digital marketplace. Ukrainian authorities, with a flourish of bureaucratic might, have cast a veil over Kuna, the venerable firstborn of crypto exchanges, which has been plying its trade since the fateful year of 2014.

Ah, Kuna! The grand old dame of cryptocurrency, now silenced, as if by a whispering wind that carried no explanation. Just days after the decree was issued, the news broke like a thunderclap from the heavens, delivered by none other than Michael Chobanian, the founder and CEO, who discovered the ban not through official channels, but through the frantic messages of bewildered users. Talk about a surprise party! 🎉

The decree, a product of the State Service of Special Communications and Information Protection, commanded the internet service providers of Ukraine to shroud Kuna’s domain in darkness, along with its subdomains. A court decision from the Shevchenkivskyi District Court of Kyiv, wrapped in mystery, was cited, yet the specifics of the case against Kuna remain as elusive as a shadow at dusk.

Founded in the year of our Lord 2014, Kuna became a beacon for those seeking to navigate the turbulent waters of Bitcoin (BTC) and Ethereum (ETH). It was a lighthouse guiding the ships of crypto adoption, even partnering with the Ministry of Digital Transformation to create a Crypto Fund for Ukraine, amassing over $100 million in donations to bolster the valiant Ukrainian army. A noble endeavor, indeed!

On the fateful day of January 24, Chobanian lamented in a Telegram post that the majority of internet providers had already complied with the SSSCIP’s edict. “What we know for now: most providers have already complied with the SSSCIP requirement, which means it’s only a matter of time before the remaining telecom operators follow suit.” A ticking clock, echoing the inevitability of fate!

In a twist worthy of a tragicomedy, Chobanian revealed that neither he nor his compatriots at Kuna were summoned to court. “We were not called to court, as you can imagine, and we learned about the blocking from users in Ukraine,” he quipped, a sardonic smile perhaps gracing his lips. Despite the storm, he reassured the faithful that Kuna’s infrastructure, like a phoenix, resides on cloud servers in Europe, leaving only the users within Ukraine to bear the brunt of this digital tempest.

As the reasons for the ban remain shrouded in mystery, Chobanian, with a heavy heart, announced the closure of the exchange, giving users a mere two months to withdraw their funds. He hinted at a darker underbelly, suggesting that the ban followed his failure to appease a certain law enforcement agency, desperate for funds to fuel the nation’s economy. A tale as old as time! 💰

“Unfortunately, I didn’t manage to meet with all the [law enforcement] agencies. I’m familiar with all the law enforcement officers in Ukraine, except for the Economic Security Bureau of Ukraine. Well, in our country, it’s the usual thing for law enforcement agencies to get to know through raids, as a rule. But since I’m not in Ukraine, and it’s extremely difficult to raid a virtual thing, that’s why they blocked the domain.”

— Michael Chobanian

According to whispers in the wind from Ukrainian news outlets, the Economic Security Bureau is investigating Kuna for alleged tax evasion, claiming that a forensic audit revealed “intentional tax evasion.” The potential losses? A staggering 50 million hryvnia, or approximately $1.3 million. A hefty price for a game of digital chess!

Now, Chobanian, with a glimmer of hope in his eyes, seeks to pivot towards symbiocracy—a utopian vision where humanity dances in harmony with the interconnected systems of Earth, guided by the wisdom of artificial intelligence and nature. He’s also turning his gaze towards AI and “public social activity.” A renaissance of sorts, perhaps?

Despite the storm clouds gathering, the Kuna founder remains optimistic, urging the community to keep their eyes on the horizon, where global trends beckon and the Trump administration’s interest in Bitcoin shines like a beacon in the night.

“Crypto enthusiasts in Ukraine don’t need to be told how to use crypto freely, so we are watching the crypto revolution in the U.S., Bitcoin being added to foreign exchange reserves, and the price of the TRUMP memecoin.”

— Michael Choban

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2025-01-31 18:31