Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Assets held by the exchange dropped to $4.8 billion from $6 billion, according to Arkham blockchain data.Crypto exchange KuCoin saw about $1 billion in crypto withdrawals over the past 24 hours and assets under management slumped 20% as the trading platform faced charges from U.S. authorities, data from Nansen and Arkham Intelligence shows.
The exchange experienced $1.083 billion in outflows via Ethereum Virtual Machine-compatible chains during the period, and only $144 million of inflows. Nansen data did not include bitcoin"This is more than a 15% drop in assets held by the exchange," Nansen said in an X post Wednesday. Blockchain data from Arkham Intelligence shows that the amount of crypto assets held by tagged KuCoin crypto addresses plummeted to $4.8 billion from $6 billion on Tuesday. Arkham's figure includes price fluctuations, but crypto markets were generally little changed over the period, so the decrease was most likely a result of investors withdrawing assets from the platform.Tuesday with violating anti-money laundering laws by U.S. federal prosecutors.
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