KuCoin Hit by Mass Withdrawals of Ethereum, USDT, USDC After Money Laundering Charges

Over the past 24 hours, KuCoin users have withdrawn a significant amount of Ethereum (ETH), USDT, and USDC, totaling over $350 million. This mass exodus follows the Department of Justice's money laundering charges against KuCoin founders Chun Gan and Ke Tang. Despite the withdrawals, KuCoin has also experienced inflows of Bitcoin (BTC), indicating a mixed situation for the exchange.

Massive Ethereum, USDT, and USDC Withdrawals from KuCoin Amid Money Laundering Charges

In a significant development, KuCoin users have initiated substantial withdrawals of Ethereum (ETH), Tether (USDT), and USD Coin (USDC) from the cryptocurrency exchange within the last 24 hours. Data provided by Coinglass indicates a total of over $350 million in withdrawals, including 19,722 ETH (valued at $70.2 million), 275.3 million USDT, and $4.5 million USDC.

These mass withdrawals occur nearly a day after two KuCoin founders, Chun Gan and Ke Tang, were charged with money laundering by the United States Department of Justice. U.S. Attorney Damian Williams alleged that KuCoin processed over $5 billion in transactions suspected of being illicit.

Despite the turmoil surrounding the exchange, KuCoin still experienced inflows of 395.43 Bitcoin (BTC), worth $27.65 million, within the past 24 hours, as per Coinglass data.

According to CoinMarketCap (CMC), KuCoin's total assets remain valued at $6.13 billion, with USDT accounting for the largest share at 23%. The exchange's daily trading volume has shown a persistent decline over the past week, currently standing at $2.1 billion. KuCoin presently ranks seventh on CMC.

It is noteworthy that KuCoin's native token, KCS, has plunged by 14.8% within the past 24 hours, trading at $12.32 at the time of reporting. The asset's daily trading volume has surged by 324% and is estimated around $14 million, with a total market capitalization of $1.1 billion. KCS is currently experiencing significant volatility due to the exchange's ongoing situation.

These developments highlight the heightened concerns among KuCoin users and the impact of the money laundering charges on the exchange's reputation and operations. It remains to be seen how the situation will evolve and whether KuCoin can regain the trust of its customers and stakeholders amidst these allegations.