Benzinga – Leading cryptocurrency exchange, KuCoin saw a massive $1 billion in crypto withdrawals over the past 24 hours, coinciding with a notable decrease in the exchange’s assets.
What Happened: Arkham Intelligence data highlighted KuCoin exchange balance at $4.7 billion, down from more than $6 billion the prior day. This decline was attributed to a substantial amount of assets being withdrawn by investors amid allegations of money laundering against the exchange by the U.S. Department of Justice.
U.S. Attorney Damian Williams stated, “KuCoin allegedly deliberately chose not to implement even basic anti-money laundering policies.”
The accused crypto exchange KuCoin witnessed around $1 billion in crypto withdrawals over the past 24 hours and assets under management plunged 20% amid the exchange facing charges from U.S. authorities, as reported by CoinDesk citing Nansen and Arkham Intelligence data.
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