Buy Биткоин BTC
Bitcoin (BTC)
Buy Эфир ETH
Ethereum (ETH)
Buy BNB
BNB (BNB)
Buy Ripple XRP
Ripple (XRP)
Buy Tron TRX
Tron (TRX)
Buy Polygon Matik
Polygon (MATIC)
Buy Solana SOL
Solana (SOL)
Buy Dogecoin DOGE
Dogecoin (DOGE)
Buy Avalanche AVAX
Avalanche (AVAX)
Buy Cardano ADA
Cardano (ADA)
Buy Polkadot DOT
Polkadot (DOT)
Buy Syscoin SYS
Syscoin (SYS)

Users withdrew $882 million from the KuCoin exchange after statements by the US Department of Justice

Market and Events: Users withdrew $882 million from the KuCoin exchange after statements by the US Department of Justice

Cryptocurrency trading platform KuCoin has experienced significant capital outflows, as reported by the Nansen platform. This comes after federal prosecutors and the US Commodity Futures Trading Commission (CFTC) filed various charges against the company and its creators.

In the past 24 hours, the cumulative amount withdrawn from #exchange accounts exceeded $882 million, with $99 million in incoming capital and net outflows totaling $783 million. This information covers the #Ethereum, #BNB Chain, #Avalanche, Phantom and #Polygon networks.

Judging from the story, we can expect significant outflows if serious regulatory action is taken. However, the platform is currently managing to maintain a 1:1 ratio of client deposits to assets, maintaining financial stability in the face of such pressures."

Analysts emphasize that despite the significant outflow of funds, the company still has $5.1 billion in reserves; according to #CryptoQuant's financial statements, the exchange has 6,277 BTC and 99,359 ETH. Experts say the company has a significant "safety margin."

The transfer of funds escalated after US authorities charged KuCoin and its co-founders Chun Gan and Ke Tang with violating the Bank Secrecy Act. The company and entrepreneurs are also suspected of #money laundering, defrauding investors and engaging in unregistered transactions.

According to law enforcement authorities, KuCoin received more than $5 billion and transferred more than $4 billion in illegal and suspicious funds during its operations.

Prosecutors have filed multiple charges against the company's co-founders and related individuals, each of which could result in five to 10 years in prison.

Share this news and win 10 USDT with daily contest on CryptoFingers Telegram.
Press Releases: APU Apustaja: Official Sponsor of Matchroom Boxing Matias vs Paro
The management of the Apu Apustaja crypto token has announced that it will be sponsoring the Matchroom Boxing fight card between Subriel Matias and Liam Paro broadcast live on DAZN..
Press Releases: Holdstation Receives 7-Figure Investment to Enhance AI Wallet Technology
SNZ Capital, Summer Ventures, and EVG Ventures have invested a 7-figure investment in Holdstation’s Phase 2, marking a major milestone in the development of its smart AI wallets.
Press Releases: RunesTerminal Announced as Upcoming IDO on CV Pad
RunesTerminal, the first true infrastructure provider for the Bitcoin Runes ecosystem, has announced its Initial DEX Offering (IDO) on CV Pad. The IDO will feature a total allocation..
Press Releases: Gate.io Announces Lead Asia Demo Day to Empower Innovative Blockchain Projects
Gate.io, the world's leading crypto exchange, is excited to announce the Lead Asia Demo Day in Seoul, a strategic initiative aimed at propelling the future of blockchain technology..
Make crypto bots for trading