KuCoin Users Drain Ethereum, USDT, and USDC Reserves

In the past 24 hours, KuCoin end users have initiated sizeable Ethereum (ETH), USDT, and USDC withdrawals from the system.

According to data sourced from Coinglass, withdrawals from KuCoin surpassed $350 million, comprising 19,722 ETH (equivalent to $70.2 million), 275.3 million USDT, and $4.5 million USDC.

This withdrawal surge closely follows the authorized troubles confronted by two KuCoin founders, Chun Gan and Ke Tang, who were being billed with revenue laundering by the U.S. Department of Justice. U.S. Attorney Damian Williams alleges that KuCoin facilitated over $5 billion in likely illicit transactions.

Even though there is a ton of tension around the trade, Coinglass data reveals that 395.43 Bitcoins (BTC) truly worth $27.65 million have been deposited into KuCoin on the past working day.

KuCoin’s Asset Benefit at $6.13 Billion

CoinMarketCap info demonstrates that KuCoin’s total asset worth is still $6.13 billion, with USDT representing 23% of the total. However, KuCoin’s everyday investing quantity has reduced steadily more than the final 7 days. It is now at $2.1 billion, which has dropped the exchange to seventh place on the CMC rankings.

KuCoin Complete Balances | CoinMarketCap

Meanwhile, KuCoin’s indigenous token, KCS, expert a 19.7% decrease in the final 24 hours, now buying and selling at $11.65. Inspite of this, its each day trading volume surged by 324%, achieving all over $14 million, with a total market place capitalization of $1.1 billion.

KuCoin
KCSUSD 1-Working day Chart

The heightened volatility encompassing KCS indicates the uncertainty bordering the exchange’s current condition.

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