According to Kaiko data, the market share (based on daily trading volume) of cryptocurrency exchange KuCoin fell by more than 50% after the U.S. Department of Justice and CFTC filed charges last week. Its daily trading volume fell from $2 billion on March 26 to $520 million, a drop of about 75%.
Since March 26, more than $1.2 billion has flowed out of wallets marked as KuCoin. (The Block)
Previously, information disclosed on the U.S. Department of Justice website showed that KuCoin and its two founders, CHUN GAN (also known as "Michael") and KE TANG (also known as "Eric"), were charged with violating the Bank Secrecy Act and unauthorized fund transmission. It is reported that the U.S. Federal Prosecutor for the Southern District and the Department of Homeland Security Investigation announced the unsealing of the indictment, accusing KuCoin of violating the Bank Secrecy Act and intentionally violating the Anti-Money Laundering Act. The persons involved are still at large.
KuCoin posted on the X platform that KuCoin is currently operating well and users' assets are safe. It has been informed of the relevant reports and is currently investigating the details through lawyers. KuCoin respects the laws and regulations of various countries and strictly adheres to compliance standards.
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