In a whirlwind of regulatory turbulence,crypto exchange KuCoin has witnessed an unprecedented surge in withdrawals, surpassing a staggering $1 billion mark within just 24 hours. As assets under management (AUM) plummeted by 20%, the exchange found itself at the epicenter of a crypto storm. 📉
The exodus from KuCoin saw a massive $1.083 billion flowing out through Ethereum Virtual Machine-compatible (EVM) chains, while a mere $144 million trickled back in. 🔥 Net outflows on the Ethereum network alone amounted to $840 million, signaling a significant 15% decline in assets held by the exchange. 💧
This mass withdrawal frenzy unfolded against the backdrop of U.S. federal prosecutors leveling charges against KuCoin and two of its founders for alleged violations of anti-money laundering laws. 🕵️♂️ Amidst the regulatory scrutiny and legal wrangling, users voiced their concerns about withdrawal delays, stirring fears regarding the exchange's stability.
In response, KuCoin reassured its user base, asserting that the exchange remains operational and users' assets are secure. 💸 Despite the tumultuous circumstances, KuCoin stands firm in its commitment to navigating the regulatory landscape while safeguarding the interests of its clientele.