KuCoin users have withdrawn a significant amount of Ethereum (ETH), USDT, and USDC from the exchange in the last 24 hours. According to data provided by Coinglass, KuCoin experienced over $350 million in withdrawals during this period. The withdrawals included 19,722 ETH (valued at $70.2 million), 275.3 million USDT, and $4.5 million USDC.

These withdrawals follow the recent money laundering charges faced by two KuCoin founders, Chun Gan and Ke Tang, from the U.S. Department of Justice. U.S. Attorney Damian Williams alleged that KuCoin processed over $5 billion in potentially illegal transactions.

Despite the ongoing tension surrounding the exchange, KuCoin saw 395.43 Bitcoins (BTC) worth $27.65 million in inflows over the past 24 hours, as reported by Coinglass. CoinMarketCap data shows that KuCoin’s total assets are still valued at $6.13 billion, with USDT holding the largest share at 23%.

As per CoinMarketCap, KuCoin’s daily trading volume has been decreasing steadily over the past week and currently stands at $2.1 billion, ranking the exchange seventh on the platform.

It’s worth noting that KuCoin’s native token, KCS, experienced a 14.8% decline in the past 24 hours and is currently trading at $12.32. The token’s daily trading volume surged by 324% to approximately $14 million, with a total market cap of $1.1 billion. The high volatility of KCS is attributed to the uncertainties surrounding the exchange.

For more updates on the cryptocurrency market, visit Global Crypto News.

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