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KuCoin Withdrawals Soar to $1 Billion in Crypto Amid US Regulatory Crackdown 🪧

Cryptocurrency exchange KuCoin experienced a withdrawal of more than $1 billion in the past 24 hours, with assets under management (AUM) dropping 20%. 📉

The exchange experienced $1.083 billion in outflows through the Ethereum Virtual Machine (EVM) compatible chain and only $144 million in inflows. 🔥

Net inflow on the Ethereum network reached $840 million, a 15% decrease in assets held by the exchange. 💧

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. 🕵️‍♂️

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. 💸