Summary
TLDR: KuCoin is facing a tumultuous period after a US criminal complaint, with $500 million in assets withdrawn on the Ethereum blockchain. Despite significant withdrawals, the exchange still holds over $3.6 billion in assets. KuCoin is addressing regulatory challenges and reassuring stakeholders of its commitment to compliance and user asset security.
Key Points
1. KuCoin is currently facing significant withdrawals, with about $500 million in assets withdrawn on the Ethereum blockchain alone.
2. Despite the withdrawals, KuCoin still holds over $3.6 billion in assets in its Ethereum hot wallets and has an asset base of $4.02 billion, including exchange tokens.
3. There have been reports that KuCoin considered shutting down and selling off in 2023 following a US-led criminal investigation and inquiries in China regarding alleged shortcomings in anti-money laundering efforts and customer identity verification.