Over the last 24 hours, a significant sum of Ethereum (ETH), USDT, and USDC has been withdrawn by users from KuCoin, the cryptocurrency exchange.
Coinglass data reveals that a staggering $350 million has been withdrawn, encompassing 19,722 ETH valued at $70.2 million, 275.3 million USDT, and $4.5 million USDC.
These substantial withdrawals coincide closely with the recent legal troubles faced by KuCoin’s founders, Chun Gan and Ke Tang, who are currently embroiled in money laundering allegations brought forth by the U.S. Department of Justice.
U.S. Attorney Damian Williams has accused KuCoin of processing more than $5 billion in transactions believed to be illicit.
Interestingly, despite the tumult surrounding the exchange, KuCoin has observed an influx of 395.43 Bitcoins (BTC), amounting to $27.65 million, within the same 24-hour period, as reported by Coinglass.
Meanwhile, according to CoinMarketCap (CMC), KuCoin still retains assets totalling $6.13 billion, with USDT comprising the largest portion at 23%.
Despite its significant asset holdings, KuCoin’s daily trading volume has experienced a consistent decline over the past week, now resting at $2.1 billion, which positions the exchange in seventh place on CMC’s ranking.
Notably, KuCoin’s native token, KCS, has suffered a decline of 14.8% within the last 24 hours, currently trading at $12.32.
Despite an increased daily trading volume of 324%, approximately $14 million, KCS maintains a total market capitalization of $1.1 billion, showcasing heightened volatility attributed to the ongoing tensions surrounding the exchange.
