Following the negative news of criminal charges against KuCoin by the US Government, a significant movement of assets away from the exchange has been observed.
Spotonchain data reveals that approximately $500 million has been withdrawn from KuCoin on the Ethereum network in the past few hours.
~$500M has been withdrawn from the Kucoin exchange on the Ethereum network in the past hours after the US Government indicted KuCoin on Criminal Charges.
The top withdrawing:
~274M $USDT
~15.5K $ETH (~$55M)
~50M $ONDO (~$46M)
~12M $FET (~$34M)
~95.38M $GHX (~$21.8M)More… pic.twitter.com/6gQW0ybnZB
— Spot On Chain (@spotonchain) March 27, 2024
The top assets being withdrawn include approximately 274 million USDT, 15.5 thousand ETH (equivalent to around $55 million), 50 million ONDO (approximately $46 million), 12 million FET (around $34 million), and 95.38 million GHX (approximately $21.8 million).
Notable whales have been involved in these withdrawals, with wallet address “0x1abc” withdrawing 54 million USDT from KuCoin and transferring it to OKX within the last 9 hours.
Similarly, wallet address “0x5212” withdrew 32 million USDT from KuCoin and moved it to Bybit a few hours ago.
KuCoin Still Holds $3.6 Billion Worth On Ethereum Network
Despite the significant outflow, KuCoin’s exchange hot wallet still holds more than $3.6 billion worth of assets on the Ethereum network.
According to data from Lookonchain, KuCoin currently holds approximately $6.137 billion in assets, including 1.36 billion USDT, 14,353 BTC (worth $1.01 billion), 107,732 ETH (valued at $389.96 million), 18.57 million KCS (totaling $231.19 million), 955,752 SOL ($182.15 million), 12.65 billion VRA ($128.87 million), and 3.37 trillion SHIB ($104.95 million).
Due to the negative news of #KuCoin, whales are transferring assets from #KuCoin to other exchanges.
Whale"0x1abc" withdrew 54M $USDT from #KuCoin and transferred it to #OKX in the past 9 hours.
Whale"0x5212" withdrew 32M $USDT from #KuCoin and transferred it to #Bybit 50 mins… pic.twitter.com/7A74OrdtE7
— Lookonchain (@lookonchain) March 27, 2024
As KuCoin faces legal challenges, investors and market participants are closely monitoring the situation, with the exchange’s asset holdings and outflows attracting significant attention within the cryptocurrency community.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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