KuCoin saw over $1 billion in withdrawals over the past 24 hours, Nansen data shows.

Assets held by the exchange dropped to $4.8 billion from $6 billion, according to Arkham blockchain data.

The exchange "is operating well, and the assets of our users are absolutely safe," KuCoin said.

Crypto exchange KuCoin saw about $1 billion in crypto withdrawals over the past 24 hours and assets under management (AUM) slumped 20% as the trading platform faced charges from U.S. authorities, data from Nansen and Arkham Intelligence shows.

The exchange experienced $1.083 billion in outflows via Ethereum Virtual Machine-compatible (EVM) chains during the period, and only $144 million of inflows. Nansen data did not include bitcoin {{BTC}} withdrawals. Net outflows on the Ethereum network reached $840 million, according to Nansen.

"This is more than a 15% drop in assets held by the exchange," Nansen said in an X post Wednesday.

An update on @kucoincom withdrawalsAt the time of writing, over the past 24 hours, there has been an outflow of over $842m on Ethereum and $938m on EVM chains from an initial $6b base in holdingsThis is more than a 15% drop in assets held by the exchange pic.twitter.com/Gy8gPMLROp

— Nansen 🧭 (@nansen_ai) March 27, 2024

Blockchain data from Arkham Intelligence shows that the amount of crypto assets (including BTC) held by tagged KuCoin crypto addresses plummeted to $4.8 billion from $6 billion on Tuesday. Arkham's figure includes price fluctuations, but crypto markets were generally little changed over the period, so the decrease was most likely a result of investors withdrawing assets from the platform.#SHIB #sui #WIF #FET