Regulatory Crisis Sparks Panic: KuCoin Exchange Records Net Outflow of Nearly 800 Million HKD in the Past 24 Hours

Regulatory Crisis Sparks Panic: KuCoin Exchange Records Net Outflow of Nearly 800 Million HKD in the Past 24 Hours

Regulatory Crisis Sparks Panic: KuCoin Exchange Records Net Outflow of Nearly 800 Million HKD in the Past 24 Hours

After the US Department of Justice filed charges against KuCoin and its two founders last night, significant capital outflows have occurred on multiple blockchains for KuCoin. According to data from cryptocurrency analytics company Nansen, as of noon on the 27th, KuCoin has seen a total outflow of $882 million worth of crypto assets on various networks in the past 24 hours, with incoming assets valued at approximately $99 million during the same period. Overall, the net outflow reached $783 million, causing the total value of crypto assets held by the exchange to decrease from $5.96 billion to $5.1 billion. These data cover EVM blockchains such as Ethereum, BNB Chain, Avalanche, Fantom, and Polygon.

Martin Lee, Head of Content and Communications at Nansen, stated, “On the other hand, according to data from CryptoQuant, KuCoin holds reserves of 6,277 Bitcoins and 99,359 Ether. Ki Young Ju, Founder and CEO of CryptoQuant, stated in a tweet that, at this stage, KuCoin’s performance under pressure does not appear to show significant issues.”