Regulatory Crisis Sparks Panic: KuCoin Exchange Witnesses 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 appeared on multiple blockchains for KuCoin. According to data from cryptocurrency analytics firm Nansen, as of noon on the 27th, KuCoin has seen a total outflow of $882 million worth of crypto assets on various networks within the past 24 hours, with approximately $99 million worth of assets flowing in during the same period. Overall, the net outflow amounts to $783 million, causing the total value of crypto assets held by the exchange to drop from $5.96 billion to $5.1 billion. These figures encompass EVM blockchains such as Ethereum, BNB Chain, Avalanche, Fantom, and Polygon.

Martin Lee, the Head of Content and Communications at Nansen, stated: “On the other hand, according to data from CryptoQuant, the exchange holds reserves of 6,277 BTC and 99,359 ETH. Ki Young Ju, the founder and CEO of CryptoQuant, expressed in a tweet that, at this stage, KuCoin’s performance under pressure does not seem to exhibit significant issues.”