- KuCoin was hacked on September 25th, with most funds being confiscated by November 11th.
- During that time, the price of Bitcoin rose from $ 10,739 to $ 16,284.
- The trading volume of KuCoin is down 21% compared to the previous year.
BitcoinThe price spike in late 2020 from $ 10,134 on September 3 to over $ 19,000 has made many cryptocurrency exchanges happy.
Leading exchange Binance has seen its trading volume soaring – it’s up 133% last month and over 400% year on year Data from Nomics. Coinbase Pro is also up – over 200% for the month and 92% for the year. Kraken also had smooth sailing with 163% and 54% jumps for the month and year, respectively.
But not every exchange could use the luck of Bitcoin.
According to Nomics, KuCoin generated a transaction volume of $ 3.97 billion last month. While this is good for a 78% improvement over last month, the Singapore exchange is still showing smaller volumes than parts of July through September. The volume decreased by 21% compared to the previous year.
So what happened in September?
It has chopped on September 25 in the amount of tokens valued at $ 281 million (mostly altcoins). And although it was possible Recover over 80% of the tokens By Nov. 11, the timing of the hack for the exchange couldn’t have been much worse from a consumer confidence standpoint.
Between those two dates, Bitcoin’s price rose from $ 10,739 to $ 16,284, but KuCoin trading volume stuck in the first quarter, possibly due to user concerns about the safety of their funds.
In fact, the number of Bitcoin reserves in Kucoin wallets fell from 1,059 on September 24 to below 50 the following day Data from CryptoQuant. That number has slowly increased to 403 BTC.
KuCoin wasn’t the only exchange that was in tough times. There was also OKEx, which stopped withdrawals from October 16 to November 26 because its founder was arrested by police. But all that really did was stop people from paying out money during the height of the bull run (they could still trade). The trading volume for this exchange has still increased by almost 300% over the course of the year.
Volume is certainly not everything for exchanging cryptocurrencies, but KuCoin will certainly hope for more of them in 2021.