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 cryptocurrency assets across various networks in the past 24 hours. During the same period, approximately $99 million worth of assets flowed in, resulting in a net outflow of $783 million. The total value of cryptocurrency assets held by the exchange has dropped from $5.96 billion to $5.1 billion. These data cover 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, KuCoin holds 6,277 bitcoins and 99,359 ether reserves. 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 show significant issues.”
