In the last 24 hours, KuCoin users have withdrawn a significant amount of Ethereum (ETH), USDT, and USDC from the platform. Coinglass data reveals that over $350 million was withdrawn, including 19,722 ETH valued at $70.2 million, 275.3 million USDT, and $4.5 million USDC.
These massive withdrawals follow the money laundering charges faced by KuCoin founders, Chun Gan and Ke Tang, from the U.S. Department of Justice. U.S. Attorney Damian Williams alleged that KuCoin facilitated over $5 billion in potentially illicit transactions.
Despite the ongoing turmoil surrounding the exchange, KuCoin saw 395.43 Bitcoins (BTC) worth $27.65 million flowing in within the same 24-hour period, according to Coinglass data. CoinMarketCap reports that KuCoin’s total asset value remains at $6.13 billion, with USDT accounting for the largest share at 23%.
KuCoin’s daily trading volume, as per CoinMarketCap, has been steadily decreasing over the past week and stands at $2.1 billion currently, placing the exchange in seventh position on CMC rankings.
It’s worth noting that KuCoin’s native token, KCS, experienced a 14.8% drop in value in the past day, trading at $12.32 at the time of reporting. The token’s daily trading volume surged by 324% to around $14 million, with a total market cap of $1.1 billion, reflecting the high volatility surrounding KuCoin at present.
With tensions running high around the exchange, KCS continues to experience significant fluctuations in its value.