KuCoin witnessed a staggering $1 billion in crypto
withdrawals within 24 hours, coupled with a 20% decline in assets under
management, 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 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 anti-money
laundering laws. A Homeland Security Investigations Special Agent characterized
the exchange as “an alleged multibillion-dollar criminal conspiracy,”
exacerbating concerns among investors.
XRP Dump Ahead? Will Ripple Survive? Should You Withdraw Your Funds From KuCoin? | MetaLawMan https://t.co/WOj1xLaCIl
— The Wolf Of All Streets (@scottmelker) March 27, 2024
While some users reported delays in withdrawal processing,
blockchain data revealed that outgoing transactions from KuCoin were eventually
executed. These delays were likely attributed to the high volume of withdrawal
requests accumulated during the tumultuous period.
Responding to mounting apprehensions, KuCoin reassured users
of the platform’s stability and the safety of their assets in a social media
statement. The exchange emphasized that it is “operating well,”
despite the challenging circumstances.
KuCoin witnessed a staggering $1 billion in crypto
withdrawals within 24 hours, coupled with a 20% decline in assets under
management, 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 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 anti-money
laundering laws. A Homeland Security Investigations Special Agent characterized
the exchange as “an alleged multibillion-dollar criminal conspiracy,”
exacerbating concerns among investors.
XRP Dump Ahead? Will Ripple Survive? Should You Withdraw Your Funds From KuCoin? | MetaLawMan https://t.co/WOj1xLaCIl
— The Wolf Of All Streets (@scottmelker) March 27, 2024
While some users reported delays in withdrawal processing,
blockchain data revealed that outgoing transactions from KuCoin were eventually
executed. These delays were likely attributed to the high volume of withdrawal
requests accumulated during the tumultuous period.
Responding to mounting apprehensions, KuCoin reassured users
of the platform’s stability and the safety of their assets in a social media
statement. The exchange emphasized that it is “operating well,”
despite the challenging circumstances.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.financemagnates.com//cryptocurrency/kucoin-faces-1-billion-crypto-exodus-amid-us-charges-assets-plummet-20/
