Legal Challenges at Kucoin Trigger $1.7 Billion Exodus According to Onchain Evidence

DOJ Indictment Accuses KuCoin Crypto Exchange of Laundering $9 Billion and Violating Anti-Money Laundering Regulations

Legal Challenges at Kucoin Trigger $1.7 Billion Exodus According to Onchain Evidence

BollywoodFever, March 27: Following the Department of Justice’s (DOJ) indictment against Kucoin for alleged violations of the Bank Secrecy Act and anti-money laundering statutes, there has been a significant movement of funds out of the exchange. Onchain data analysis provided by Nansen has revealed that, as of now, cryptocurrency assets valued at $1.7 billion have been withdrawn from Kucoin.

DOJ Indictment Accuses KuCoin Crypto Exchange of Laundering $9 Billion and Violating Anti-Money Laundering Regulations

This revelation came to light when Nansen, an onchain analytics and intelligence firm, disclosed on the morning of March 27, 2024, that a substantial sum of crypto assets had left the exchange since the legal accusations became public. Nansen’s report, issued at 5:46 a.m. Eastern Time, highlighted the scale of the withdrawals.

According to Nansen’s analysis:

At the time of writing, over the past 24 hours, there has been an outflow of over $842m on Ethereum and $938m on EVM chains from an initial $6b base in holdings. This is more than a 15% drop in assets held by the exchange.

Arkham Intelligence, another analytics provider, corroborated these findings by detailing notable decreases in Kucoin’s cryptocurrency reserves, including a $13.39 million reduction in bitcoin (BTC) reserves, a departure of $15 million in NAKA tokens, and a $12.22 million drop in TELE tokens.

Nansen further noted in a social media post on Wednesday morning, “Expanding our analysis to include networks beyond Ethereum and other Nansen-supported chains, such as Bitcoin and Solana, we’ve seen an additional $818 million decrease from our last report.” This comprehensive analysis underscores the significant impact of the legal challenges facing Kucoin on its holdings and user confidence, leading to a marked exodus of funds from the platform.

Also Read, 2000 Bitcoins from 2010 Awakened in Third Major Movement This Month

BoE Reports UK Homeowners and Businesses Show Resilience Amid High Interest Rates

Bookmark and Follow us for More Business News

Pooja Chauhan

Pooja Chauhan: Your Source for Entertainment and Box Office News Pooja Chauhan is a passionate writer and dedicated journalist specializing in delivering the latest updates and insights from the world of entertainment and box office. With a keen eye for detail and a deep love for cinema, Pooja brings her readers accurate and engaging coverage of all things related to movies, celebrities, and the dynamic world of showbiz. Her commitment to keeping her audience well-informed and entertained makes her a valuable voice in the realm of entertainment journalism. When she's not busy uncovering the latest scoops, Pooja enjoys exploring classic films and indulging in creative writing." Contact us: admin@bollywoodfever.co.in

Leave a Reply