Massive outflows have ensued at the crypto exchange KuCoin after the U.S. Department of Justice indicted KuCoin over the violation of anti-money laundering rules and Bank Secrecy Act regulations. There have been massive withdrawals taking place on the crypto exchange KuCoin as investors rush to pull their assets out.
Over $1.1 Billion Withdrawn From KuCoin
Data from 0xscope reveals a notable development in KuCoin’s asset movement, with the exchange witnessing a substantial net outflow of approximately US$1.195 billion within the last 24 hours.
On the other hand, SpotOnChain further highlights the impact of these developments, indicating that a considerable sum of approximately US$500 million has been withdrawn from KuCoin’s Ethereum wallets in response to the US government’s criminal complaint. Among the assets withdrawn are 274 million USDT, 15,500 ETH, 50 million ONDO, 12 million FET, and 95.38 million GHX, among others.
Despite the asset outflow, KuCoin’s hot wallets still r
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