In the past 24 hours, KuCoin users have made substantial withdrawals of Ethereum (ETH), USDT, and USDC from the exchange, totaling over $350 million.
Coinglass data reveals that KuCoin saw a significant outflow of funds, with users withdrawing 19,722 ETH (equivalent to $70.2 million), 275.3 million USDT, and $4.5 million USDC.
These massive withdrawals occurred shortly after two KuCoin founders, Chun Gan and Ke Tang, faced charges of money laundering from the U.S. Department of Justice. U.S. Attorney Damian Williams alleged that KuCoin had processed over $5 billion in transactions deemed illegal.
Despite the controversy surrounding the exchange, KuCoin experienced inflows of 395.43 Bitcoins (BTC), amounting to $27.65 million, in the same 24-hour period, according to Coinglass data.
Despite the tense situation, the total assets on KuCoin, as reported by CoinMarketCap (CMC), remain valued at $6.13 billion, with USDT holding the largest share at 23%.
However, KuCoin’s daily trading volume has seen a consistent decline over the past week, currently sitting at $2.1 billion. Despite this, the exchange maintains its position as the seventh-largest exchange on CMC.
It is noteworthy that KuCoin’s native token, KCS, experienced a significant drop of 14.8% in the past 24 hours, trading at $12.32 at the time of reporting. KCS also saw a surge in daily trading volume, which increased by 324% to approximately $14 million. The token’s total market capitalization stands at $1.1 billion.
The high volatility observed in KCS can be attributed to the uncertainty surrounding the exchange due to recent events.
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