- KuCoin experienced a significant surge in cryptocurrency withdrawals, exceeding $1 billion within the past 24 hours. ๐
- This surge led to a notable 20% drop in assets under management (AUM) from $6 billion to $4.8 billion. ๐ฐ
- Most of the withdrawals were made through Ethereum Virtual Machine-compatible (EVM) chains, amounting to $1.083 billion. ๐ธ
- In contrast, there were only $144 million in inflows during the same period. ๐
- Notably, bitcoin withdrawals were excluded from the data, with net outflows on the Ethereum network reaching $840 million. โ ๏ธ
- The decrease in KuCoin's assets was highlighted by Nansen, indicating a more than 15% reduction in assets held by the exchange. ๐
- These developments occurred amidst legal challenges faced by KuCoin, including charges by U.S. authorities for alleged violations of anti-money laundering laws. โ๏ธ
- Despite concerns about withdrawal delays, blockchain data suggests that outgoing transactions from KuCoin were processed, albeit potentially delayed due to high withdrawal volumes. โณ
- KuCoin reassured users via social media that the exchange is operating normally and that user assets remain secure. ๐
