A Swiss investor, Didier Rabl, reports that KuCoin has failed to pay a $2 million award issued by the Seychelles Supreme Court following a dispute over delisted CoinPoker (CHP) tokens. The December 11 ruling declared Rabl the sole owner of approximately 21 million CHP tokens and ordered three KuCoin-incorporated entities to remit over $2 million in USDT plus moral damages.
The court found that KuCoin’s unilateral email notices declaring unwithdrawn funds "abandoned" were insufficient to transfer ownership. KuCoin’s Seychelles entities did not appear or defend the case. Blockchain analysis identified an address labeled "KuCoin 6" holding 21 million CHP tokens.
The Seychelles Financial Services Authority (FSA) confirmed receipt of the judgment. In a separate development, the FSA rejected Mek Global Ltd’s application for a virtual asset service provider license in June 2025, ordering it to cease business operations in the jurisdiction. One defendant, Peken Global Limited, migrated services outside Seychelles following this rejection.
Legal experts note the judgment was decided ex parte, meaning KuCoin never submitted to the jurisdiction. While the ruling establishes that exchanges must safeguard client assets, enforcement remains complex. Rabl is preparing additional legal action to enforce the award.
