Following the indictment of KuCoin and its founders, crypto traders have withdrawn a staggering $208 million worth of digital assets from the exchange.
Mass Exodus of Funds
According to blockchain analytics firm Nansen, $99 million worth of crypto left KuCoin via Ethereum (ETH), while $108 million was transferred out on Ethereum Virtual Machine (EVM) chains.
KuCoin’s Remaining Assets
Despite the mass exodus, KuCoin still holds over $6 billion worth of assets across various chains, including Ethereum, Bitcoin (BTC), and Solana (SOL).
Government Allegations
The U.S. Department of Justice (DOJ) and the Commodities Futures Trading Commission (CFTC) have accused KuCoin and its founders of operating an unlicensed money-transmitting business and failing to implement adequate anti-money laundering (AML) measures.
‘Multibillion-Dollar Criminal Conspiracy’
Darren McCormack, acting special agent in charge of Homeland Security Investigations’ New York Field Office, described KuCoin as an “alleged multibillion-dollar criminal conspiracy.” He emphasized the exchange’s alleged failure to comply with laws aimed at protecting the stability of the digital banking infrastructure.
