Withdrawals from KuCoin soar over $1 billion in cryptocurrency amid US regulatory pressure.

According to data from Nansen and Arkham Intelligence, cryptocurrency exchange KuCoin had withdrawals totaling about $1 billion in the last day, and its assets under management (AUM) fell 20% as a result of the trading platform being charged by US authorities.
During that time, the exchange saw withdrawals of $1.083 billion via Ethereum Virtual Machine-compatible (EVM) chains, but inflows of only $144 million. Bitcoin (BTC) withdrawals were not included in the Nansen data. According to Nansen, net outflows on the Ethereum network totaled $840 million.
“The exchange’s assets have dropped by more than 15%,” Nansen stated in a post published on X on Wednesday.
The quantity of cryptocurrency assets (including Bitcoin) owned by marked KuCoin crypto addresses fell to $4.8 billion from $6 billion on Tuesday, according to blockchain data from Arkham Intelligence. Although Arkham’s statistic takes into account price swings, cryptocurrency markets saw minimal movement throughout the time period, thus the decline was probably caused by investors taking their funds off the platform.
The exchange and two of its founders were accused by US federal authorities on Tuesday with breaking anti-money laundering regulations, which coincided with the rise in withdrawals. According to a Special Agent of Homeland Security Investigations, the exchange was “an alleged multibillion-dollar criminal conspiracy.” Concerns regarding the exchange’s stability were raised by certain users’ complaints about withdrawal delays.
However, blockchain data indicated that KuCoin’s outgoing transactions were handled, and the delays were probably caused by the withdrawal requests that were waiting to be fulfilled.