KCS: Over the last 24 hours, KuCoin users have made significant withdrawals of Ethereum (ETH), USDT, and USDC from the exchange.
According to data from Coinglass, KuCoin saw a total of over $350 million withdrawn in the past day: 19,722 ETH (equivalent to $70.2 million), 275.3 million USDT, and $4.5 million USDC.
These large withdrawals occurred nearly a day after two KuCoin founders, Chun Gan and Ke Tang, were charged with money laundering by the U.S. Department of Justice. U.S. Attorney Damian Williams alleged that KuCoin had processed over $5 billion in potentially illicit transactions.
Despite the uncertainty surrounding the exchange, KuCoin also saw 395.43 Bitcoins (BTC) worth $27.65 million flow in over the past 24 hours, as per Coinglass data.
According to CoinMarketCap (CMC), KuCoin still holds assets worth a total of $6.13 billion, with USDT accounting for the largest portion at 23%.
CMC data also shows that KuCoin’s daily trading volume has been steadily decreasing over the past week and currently stands at $2.1 billion. The exchange now ranks seventh on CMC.
It’s worth noting that KuCoin’s native token, KCS, experienced a 14.8% decline in the past 24 hours, trading at $12.32 at the time of reporting. The token’s daily trading volume surged by 324% to approximately $14 million, with a total market capitalization of $1.1 billion.
KCS is currently exhibiting significant volatility due to the uncertainty surrounding the exchange.
As investors continue to monitor the situation, KuCoin’s native token, KCS, remains under intense scrutiny amidst the ongoing tension. The fluctuations in its value reflect the apprehensions surrounding the exchange’s future trajectory.
In response to the allegations against its founders and the subsequent withdrawal of funds, KuCoin faces a critical juncture in its operations. Rebuilding trust within its user base and the wider cryptocurrency community will likely be paramount in navigating these turbulent waters.
As the situation unfolds, stakeholders will closely observe KuCoin’s response and any regulatory actions that may follow. The exchange’s ability to address concerns, implement robust compliance measures, and maintain operational stability will undoubtedly shape its standing in the cryptocurrency landscape moving forward.
