KuCoin responded that the data of "Bitcoin reserves dropped by more than 77%" was wrong

PANews reported on May 6 that OnChainSchool cited CryptoQuant data and reported that since the KYC rumors began on June 5, 2023, and the official announcement of the mandatory real-name system on June 28, the Bitcoin reserves of KuCoin exchange have dropped sharply from 18,300 to 4,100, with a net outflow of 14,200, a decrease of 77.6%. Although the overall decline in the reserves of centralized exchanges is an industry trend, the sharp decline of KuCoin has attracted attention, highlighting that users are highly sensitive to privacy and compliance policies. The chart shows that the trend has continued to decline since the announcement.

Update: KuCoin’s latest reserve data shows that the reserve rates of the four core assets are all over 100% , and KuCoin responded that the data of “Bitcoin reserves dropped by more than 77%” is incorrect.