World Crypto Global
- Written by: Tareq Sikder
- Wed, 27 Mar 2024
- Israel
KuCoin witnessed a staggering $1 billion in cryptowithdrawals within 24 hours, coupled with a decline of 20% in assets undermanagement, following charges levied against the platform by USauthorities. Data analysis from Nansen and Arkham Intelligence has revealed theextent of the withdrawal surge and the subsequent depletion of assets.KuCoin Bleeds $1.083B in Crypto ExodusData provided by Nansen and Arkham Intelligence hasindicatedthat KuCoin encountered an unprecedented outflow of approximately $1.083billion across Ethereum Virtual Machine-compatible chains, dwarfing themeagre inflows of $144 million during the same period. Notably, net outflows onthe Ethereum network alone amounted to $840 million, as reported by Nansen."This is more than a 15% drop in assets held by theexchange," Nansen noted in a statement today (Wednesday), highlighting thesubstantial impact of the withdrawal wave.Arkham Intelligence's blockchain data corroborated thesignificant decline in crypto assets held by KuCoin-tagged addresses,plummeting from $6 billion to $4.8 billion within a day. Despite potentialprice fluctuations, the decrease primarily stems from users withdrawing theirassets from the platform in response to the unfolding legal challenges.Investor Concerns Mount as Exchange Responds to Alleged ChargesThe surge in withdrawals coincided with US federalprosecutors charging KuCoin and two of its founders with violating anti-moneylaundering laws. A Homeland Security Investigations Special Agent characterizedthe 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, 2024While some users reported delays in withdrawal processing,blockchain data revealed that outgoing transactions from KuCoin were eventuallyexecuted. These delays were likely attributed to the high volume of withdrawalrequests accumulated during the tumultuous period.Responding to mounting apprehensions, KuCoin reassured usersof the platform's stability and the safety of their assets in a social mediastatement. The exchange emphasized that it is "operating well,"despite the challenging circumstances.This article was written by Tareq Sikder at www.financemagnates.com.
