What is#Kucoinreally doing after being prosecuted by the Department of Justice?
Fud time yesterday#Kucoinhad to transfer a total of 733M $USDT to the withdrawal portal
To put it simply, the above amount of $USDT was transferred by#Kucoinfrom the hot wallet and reserve to the specialized withdrawal wallet to avoid congestion when users continuously withdraw money when FUD occurs.
Loss is inevitable when 464M $USDT is the amount of money withdrawn from the exchange in the past 24 hours.
Including other assets such as $BTC, $ETH & Altcoin, the amount of money withdrawn from the exchange is $528M.
The money of these users is mainly transferred to other CEX exchanges such as #Binance, #OKX,#Bybitor some large entities withdraw to onchain
#Kucoin's proof of reserve is currently still at 4.81 Billion USD, which means that#Kucoinis still capable of standing firm after the above damage.
In short, after going deep inside #Kucoin, the amount of money they reserve is still very large to be able to survive, not to mention the amount of money they are saving for users who continue to withdraw money, which still has a surplus of 269M$.
