KuCoin witnessed a staggering $1 billion in crypto
withdrawals within 24 hours, coupled with a 20% decline in assets under
management (AUM), following charges levied against the platform by US
authorities. Data analysis from Nansen and Arkham Intelligence reveals the
extent of the withdrawal surge and the subsequent depletion of assets.
Data provided by Nansen and Arkham Intelligence indicates
that KuCoin encountered an unprecedented outflow of approximately $1.083
billion across Ethereum Virtual Machine-compatible (EVM) chains, dwarfing the
meagre inflows of $144 million during the same period. Notably, net outflows on
the Ethereum network alone amounted to $840 million, as reported by Nansen.
“This is more than a 15% drop in assets held by the
exchange,” Nansen noted in a statement today (Wednesday), highlighting the
substantial impact of the withdrawal wave.
Arkham Intelligence’s blockchain data corroborated the
significant decline in crypto assets held by KuCoin-tagged addresses,
plummeting from $6 billion to $4.8 billion within a day. Despite potential
price fluctuations, the decrease primarily stems from users withdrawing their
assets from the platform in response to the unfolding legal challenges.
Investor Concerns Mount as Exchange Responds to Alleged Charges
The surge in withdrawals coincided with US federal
prosecutors charging KuCoin and two of its founders with violating…
