KuCoin Withdrawals Spike to $1 bn Amid U.S. Regulatory Clampdown
Crypto exchange KuCoin has seen a significant drop in assets under management (AUM) and about $1 billion in crypto withdrawals over the past 24 hours due to U.S. authorities’ charges. The exchange experienced $1.083 billion in outflows via Ethereum Virtual Machine-compatible (EVM) chains, with only $144 million in inflows.
Net outflows on the Ethereum network reached $840 million, resulting in a 15% drop in assets held by the exchange. Blockchain data from Arkham Intelligence shows that the amount of crypto assets held by tagged KuCoin crypto addresses dropped to $4.8 billion from $6 billion on Tuesday. Some users have reported delays in withdrawals, raising concerns about the exchange’s health.
(With inputs from Shikha Singh)
You need to login in order to Like
