After the US Department of Justice filed charges against KuCoin and its two founders last night, significant capital outflows have been observed on multiple blockchains. 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 encrypted assets on various 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 cryptocurrency held by the exchange to drop 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, the exchange holds 6,277 bitcoins and 99,359 ether reserves. Ki Young Ju, the CEO and founder of CryptoQuant, stated in a tweet that at this stage, KuCoin’s performance under pressure does not indicate significant issues.”
