KuCoin has experienced over $1.2 billion in outflows since being sued by the U.S. Department of Justice and CFTC
Following the charges made by the US Department of Justice and the Commodity Futures Trading Commission last week, the daily trading volume of the cryptocurrency exchange KuCoin dropped from $2 billion on March 26th to $520 million, a decrease of about 75%. Since March 26th, KuCoin's outflow of funds has exceeded $1.2 billion. Analysts at Kaiko believe that on-chain data shows that KuCoin users have been transferring funds to competitors' cryptocurrency exchanges, including Coinbase, Binance, and OKX.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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