Withdrawals from KuCoin Soar to $1 Billion in Crypto During US Regulatory Crackdown 🪧
Crypto exchange KuCoin experienced over $1 billion in withdrawals over the past 24 hours, with assets under management (AUM) slumping 20%. 📉
The exchange experienced $1.083 billion in outflows via Ethereum Virtual Machine-compatible (EVM) chains, and only $144 million of inflows. 🔥
Net outflows on the Ethereum network reached $840 million, a 15% drop in assets held by the exchange. 💧
The withdrawal surge occurred as the exchange and two of its founders were charged with violating anti-money laundering laws by U.S. federal prosecutors. 🕵️♂️
Some users complained about delays in withdrawals, spurring concerns about the exchange's health. KuCoin stated that the exchange is operating well and the assets of its users are safe. 💸
