Over the last 24 hours, KuCoin users have executed significant withdrawals of Ethereum (ETH), USDT, and USDC from the platform.

According to data sourced from Coinglass, KuCoin has witnessed a substantial outflow totaling over $350 million in withdrawals during this period. This comprises 19,722 ETH (equivalent to $70.2 million), 275.3 million USDT, and $4.5 million USDC.

These large-scale withdrawals coincide closely with the recent legal challenges faced by two KuCoin founders, Chun Gan and Ke Tang, who are currently embroiled in money laundering charges brought forth by the U.S. Department of Justice. U.S. Attorney Damian Williams has asserted that KuCoin has been involved in processing over $5 billion in transactions alleged to be illicit.

Despite the prevailing tension surrounding the exchange, KuCoin has also witnessed a notable influx of 395.43 Bitcoins (BTC), valued at $27.65 million, within the same 24-hour period, as indicated by Coinglass data.

Notably, data from CoinMarketCap (CMC) reveals that the total asset value on KuCoin still stands at $6.13 billion, with USDT comprising the largest share at 23%. However, it is worth mentioning that KuCoin's daily trading volume has seen a consistent decline over the past week, now resting at $2.1 billion, leading to its current ranking of seventh on CMC.

Furthermore, KuCoin's native token, KCS, has experienced a significant downturn of 14.8% over the past 24 hours, currently trading at $12.32. Despite this decline, the asset's daily trading volume has surged by 324%, reaching approximately $14 million, with a total market capitalization of $1.1 billion.

Given the ongoing tension surrounding the exchange, KCS is currently exhibiting high volatility in its trading patterns.