{"id":16688,"date":"2024-03-28T09:45:31","date_gmt":"2024-03-28T09:45:31","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=16688"},"modified":"2024-03-28T08:27:12","modified_gmt":"2024-03-28T08:27:12","slug":"kucoin-users-withdraw-1-billion-in-crypto-after-u-s-charges-exchange","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/kucoin-users-withdraw-1-billion-in-crypto-after-u-s-charges-exchange\/","title":{"rendered":"KuCoin Users Withdraw $1 Billion in Crypto After U.S. Charges Exchange"},"content":{"rendered":"

In response to charges from U.S. federal prosecutors alleging violations of anti-money laundering laws, crypto exchange KuCoin witnessed approximately $1 billion in crypto withdrawals within the last 24 hours, coupled with a 20% decline in assets under management (AUM), as per data from Nansen and Arkham Intelligence.<\/p>\n

According to the data, the exchange recorded $1.083 billion in outflows via Ethereum Virtual Machine-compatible (EVM) chains during the stated period, with only $144 million in inflows. While Nansen data didn’t encompass bitcoin (BTC) withdrawals, net outflows on the Ethereum network totaled $840 million.<\/p>\n

“This marks over a 15% reduction in assets held by the exchange,” noted Nansen in an X post on Wednesday.<\/p>\n

Arkham Intelligence’s blockchain data indicated a drop in the amount of crypto assets (including BTC) held by tagged KuCoin<\/a> crypto addresses, plummeting from $6 billion to $4.8 billion on Tuesday. Despite potential price fluctuations, the overall stability of crypto markets suggests that the decline was primarily attributed to investors withdrawing assets from the platform.<\/p>\n

The surge in withdrawals coincided with the exchange and two of its founders facing charges from U.S. federal prosecutors for allegedly violating anti-money laundering laws. A Homeland Security Investigations Special Agent referred to the exchange as “an alleged multibillion-dollar criminal conspiracy.”<\/p>\n

Some users expressed concerns about withdrawal delays, raising apprehensions about the exchange’s stability. Nonetheless, blockchain data revealed that outgoing transactions from KuCoin were indeed processed, with any delays likely stemming from pent-up withdrawal requests.<\/p>\n

KuCoin reassured users in a social media post, stating that the exchange “is operating well, and the assets of our users are absolutely safe.”<\/p>\n

\n

In the comment section, you can freely share your comments about the topic. Additionally, don\u2019 t forget to follow us on\u00a0Telegram<\/strong>,\u00a0<\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In response to charges from U.S. federal prosecutors alleging violations of anti-money laundering laws, crypto exchange KuCoin witnessed approximately $1 billion in crypto withdrawals within the last 24 hours, coupled with a 20% decline in assets under management (AUM), as per data from Nansen and Arkham Intelligence. According to the data, the exchange recorded $1.083<\/p>\n","protected":false},"author":1,"featured_media":16689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[61,393,105,653],"class_list":["post-16688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exchange-news","tag-bitcoin","tag-crypto","tag-ethereum","tag-kucoin"],"yoast_head":"\nKuCoin Users Withdraw $1 Billion in Crypto After U.S. Charges Exchange - Coin Engineer<\/title>\n<meta name=\"description\" content=\"KuCoin, a major cryptocurrency exchange, saw a massive spike in withdrawals exceeding $1 billion over the past 24 hours.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/kucoin-users-withdraw-1-billion-in-crypto-after-u-s-charges-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KuCoin Users Withdraw $1 Billion in Crypto After U.S. Charges Exchange - 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