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Investors withdraw $350m worth of ETH, USDT, USDC from KuCoin

source-logo  crypto.news 27 March 2024 07:18, UTC

KuCoin users have withdrawn a massive amount of Ethereum (ETH), USDT and USDC from the exchange over the past 24 hours.

According to data provided by Coinglass, KuCoin witnessed a total of over $350 million in withdrawals over the past day: 19,722 ETH (worth $70.2 million), 275.3 million USDT, and $4.5 million USDC.

The massive withdrawals come almost a day after two KuCoin founders, Chun Gan and Ke Tang, faced money laundering charges from the U.S. Department of Justice.

U.S. Attorney Damian Williams claimed that KuCoin processed over $5 billion in allegedly illegal transactions.

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On the other hand, KuCoin witnessed 395.43 Bitcoins (BTC), worth $27.65 million, in inflows in the past 24 hours despite the tension roaming around the exchange, per Coinglass data.

According to data from CoinMarketCap (CMC), the total amount of assets on KuCoin is still worth $6.13 billion with USDT having the largest share of 23%.

Investors withdraw $350m worth of ETH, USDT, USDC from KuCoin - 1
KuCoin’s crypto balances – March 27 | Source: CoinMarketCap

Per CMC, KuCoin’s daily trading volume has been consistently declining over the past week and is sitting at $2.1 billion at the time of writing. The exchange now ranks seventh on CMC.

It’s important to note that KuCoin’s native token, KCS, also plunged by 14.8% in the past 24 hours and is trading at $12.32 at the reporting time. The asset’s daily trading volume increased by 324% and is hovering around $14 million with a total market cap of $1.1 billion.

At this point, KCS is witnessing very high volatility due to the tension around the exchange.

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