Digital Asset Traders Withdraw $208,000,000 Worth of Crypto From KuCoin Following Government Charges: Nansen

By The Daily Hodl March 28, 2024 In Ethereum, KuCoin

Crypto traders moved $208 million worth of digital assets off the embattled exchange KuCoin following the company’s indictment.

The blockchain analytics platform Nansen reports that $99 million worth of crypto flowed off the exchange on Ethereum (ETH) and $108 million on Ethereum Virtual Machine (EVM) chains.

KuCoin still holds more than $6 billion worth of assets across Ethereum, Bitcoin (BTC), Solana (SOL) and other chains, according to the analytics platform.

On Tuesday, the U.S. Department of Justice (DOJ) and the Commodities Futures Trading Commission (CFTC) unsealed an indictment against KuCoin and two of its founders, Chun Gan and Ke Tang.


The DOJ alleges that the duo operated an unlicensed money-transmitting business and failed to maintain an adequate anti-money laundering (AML) program. The Feds also allege the exchange has received over $5 billion worth of suspicious and criminal proceeds.

Darren McCormack, the acting special agent in charge of the New York Field Office of Homeland Security Investigations (HSI), called KuCoin an “alleged multibillion-dollar criminal conspiracy.”

“KuCoin grew to service over 30 million customers, despite its alleged failure to follow laws necessary to ensuring the security and stability of our world’s digital banking infrastructure. The defendants’ alleged pattern of skirting these vitally important laws has finally come to an end.”

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