KuCoin Withdrawals Surge to $1 Billion in Cryptocurrency Amid US Regulatory Crackdown
Nansen data showed that KuCoin saw withdrawals of more than $1 billion in the past 24 hours.
Assets held by the exchange fell to $4.8 billion from $6 billion, according to Arkham blockchain data.
KuCoin said the exchange “is working well, and our users’ assets are completely safe.”
Cryptocurrency exchange KuCoin saw about $1 billion in cryptocurrency withdrawals over the past 24 hours, and assets under management (AUM) fell by 20% as the trading platform faced charges from US authorities, data from Nansen and Arkham Intelligence showed.
The exchange saw $1.083 billion in outflows across Ethereum Virtual Machine (EVM) compatible chains during this period, and only $144 million in inflows. Nansen's data did not include Bitcoin {{BTC}} withdrawals. Net outflows on the Ethereum network have reached $840 million, according to Nansen.