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After facing charges from the US Department of Justice (DOJ), leading cryptocurrency exchange KuCoin experienced a staggering net outflow of over $780 million in the last 24 hours, according to on-chain data.
KuCoin Witnesses Big $780 Million Exodus Amid DOJ Accusations
According to information provided by crypto analysis firm Nansen, KuCoin experienced a total outflow of $882 million over the past day, juxtaposed with an inflow of $99 million, resulting in a net outflow of $783 million.
The data covers various blockchain networks such as Ethereum, BNB Chain, Avalanche, Fantom and Polygon.
This significant capital movement from KuCoin followed the announcement of investigations by the DOJ against the exchange and two of its founders, accusing them of violating anti-money laundering laws.
Additionally, the Commodity Futures Trading Commission reiterated that Ether and some other cryptocurrencies will be considered commodities under the KuCoin complaint.
“Given past events, any major regulatory pressure is expected to cause a surge in outflows, but as long as the exchange holds customer deposits and funds 1:1, it should remain solvent even under such stress,” Nansen's Content and Communications Leader Martin Lee said. said.
According to data from Nansen, KuCoin holds $5.1 billion in crypto assets.
Despite the significant outflow, KuCoin's Bitcoin reserve remained stable at approximately 6,277 BTC, while its Ethereum reserve reached 99,359 ETH, according to data from CryptoQuant.
*This is not investment advice.