Regulatory Crisis Sparks Panic, KuCoin Exchange Records Nearly 800 Million HKD Net Outflow 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 company Nansen, as of noon on the 27th, KuCoin has seen a total outflow of $882 million worth of crypto assets on multiple networks in the past 24 hours, with approximately $99 million worth of assets flowing in during the same period. Overall, the net outflow reached $783 million, causing the total value of crypto assets held by the exchange to decline from $5.96 billion to $5.1 billion. These data cover EVM blockchains such as Ethereum, BNB Chain, Avalanche, Fantom, and Polygon.

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