Over the course of the last 24 hours, KuCoin users have executed significant withdrawals of Ethereum (ETH), USDT, and USDC from the platform. Coinglass data reveals a total withdrawal amount exceeding $350 million, comprising 19,722 ETH valued at $70.2 million, along with 275.3 million USDT and $4.5 million USDC.
These substantial withdrawals coincide closely with recent developments involving KuCoin’s founders, Chun Gan and Ke Tang, who are facing charges of money laundering from the U.S. Department of Justice. U.S. Attorney Damian Williams alleged that KuCoin facilitated over $5 billion in transactions suspected to be illicit.
Despite the ongoing scrutiny, KuCoin has experienced inflows of 395.43 Bitcoins (BTC), equivalent to $27.65 million, within the same 24-hour period, as indicated by Coinglass data.
Despite the recent tumult, KuCoin’s overall assets retain a value of $6.13 billion, with USDT dominating the share at 23%, according to CoinMarketCap (CMC) data. However, the exchange’s daily trading volume has seen a decline over the past week, currently standing at $2.1 billion, resulting in a rank of seventh on CMC.
KuCoin’s native token, KCS, has also undergone a notable 14.8% decrease in value within the last day, currently trading at $12.32. Despite this, the token’s trading volume has surged by 324% to approximately $14 million, while its total market capitalization remains at $1.1 billion.
The situation surrounding KCS is marked by considerable volatility amidst the ongoing tension surrounding the exchange.