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Nansen Reviews $200 Million Exodus From Kucoin After DOJ Motion

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Following the Division of Justice’s (DOJ) authorized motion in opposition to Kucoin and its founders, analysts from Nansen specializing in real-time onchain knowledge revealed that Kucoin skilled a withdrawal of $99 million in Ethereum-based belongings and $109 million in outflows from varied EVM-compatible chains.

Ethereum and EVM Chains See $200 Million Outflow From Kucoin

On a Tuesday, Damian Williams, the U.S. Lawyer for the Southern District of New York, introduced the indictment of Kucoin and its founders. U.S. authorities allege that Kucoin breached the Financial institution Secrecy Act and did not implement requisite anti-money laundering measures. At 2:10 p.m. Jap Time (ET) on March 26, 2024, Nansen, the onchain intelligence firm revealed that Kucoin had seen over $200 million in outflows from particular blockchains.

“For the reason that information broke about [Kucoin] and two of its founders being charged with violating anti-money laundering legal guidelines by U.S. federal prosecutors, there was a rise in withdrawals. -$99m on Ethereum and -$109m throughout EVM chains,” Nansen posted to X.

Kucoin flows shared by Nansen on the social media platform X at 2:10 p.m. ET on March 26, 2024.

It’s common for withdrawal exercise to spike following such incidents, and Binance skilled the same uptick in withdrawals after the DOJ introduced expenses in opposition to the world’s largest trade by quantity. Withdrawal transactions from Kucoin on Tuesday showcased a various vary of tokens together with sizable sums of ARB, TRX, USDT, and XAI.

In accordance with Nansen’s trade portfolio analytics, as of March 26 at 4:10 p.m. ET, Kucoin’s crypto holdings are valued at roughly $5.92 billion. Near 52.49% of Kucoin’s portfolio contains USDT, BTC, ETH, KCS, and SOL. The stability consists of an assortment of different crypto belongings. Of this 52.49%, 3.97% comes from Kucoin’s proprietary trade token, KCS.

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Following the DOJ’s authorized motion, the worth of the kucoin token, KCS, has decreased by 14%. Kucoin addressed the costs at 11:40 a.m. ET on Tuesday and famous that the trade was “working properly” and person belongings “are completely secure.” The trade’s social media account has even posted a standard promotional X put up following the replace Tuesday morning.

What do you concentrate on the outflows Kucoin has seen following the indictment? Share your ideas and opinions about this topic within the feedback part beneath.

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