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SEC Goes After Kucoin, $1.2B Pulled Out, An exchange Under Water
KuCoin experiences massive withdrawals exceeding $1.2 billion after facing charges from the US government.
KuCoin, currently facing a storm following a US government criminal complaint, the platform saw about $500 million in assets withdrawn on the Ethereum blockchain alone. Data from SpotOnChain highlights significant withdrawals, including 274 million USDT and 15,500 $ETH from KuCoinâs Ethereum holdings in recent hours. Despite this, the exchangeâs Ethereum hot wallets still contain over $3.6 billion in assets.
In a startling development, WuBlockchain disclosed that KuCoin had considered shutting down and selling off in 2023. This comes after a US-led criminal investigation and several inquiries in China. Additionally, the US indictment points to KuCoinâs alleged shortcomings in anti-money laundering efforts and customer identity verification. These gaps reportedly positioned KuCoin as a conduit for illicit funds, contributing to over $9 billion in suspect transactions.
