KuCoin Withdrawals Soar to $1 Billion in Crypto Amid US Regulatory Crackdown đȘ§
Cryptocurrency exchange KuCoin experienced a withdrawal of more than $1 billion in the past 24 hours, with assets under management (AUM) dropping 20%. đ
The exchange experienced $1.083 billion in outflows through the Ethereum Virtual Machine (EVM) compatible chain and only $144 million in inflows. đ„
Net inflow on the Ethereum network reached $840 million, a 15% decrease in assets held by the exchange. đ§
The increase in withdrawals comes as the exchange and two of its founders were charged by US federal prosecutors with violating anti-money laundering laws. đ”ïžââïž
Some users complained about delays in withdrawals, raising concerns about the state of the exchange. KuCoin claims that the exchange is operating well and user assets are safe. đž
