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Cryptoquant Data Indicates Decline in KuCoin Reserves
KuCoin Responds to Reserve Proof
According to information shared by Onchain School, an analyst at the on-chain data platform Cryptoquant, KuCoin’s Bitcoin (BTC) reserves have experienced a significant decline since the announcement on June 28, 2023, mandating platform users to complete KYC verification procedures. On-chain data shows that the platform’s Bitcoin reserves plummeted from 18,300 coins to just 4,100 coins, resulting in a net outflow of 14,200 coins, a decrease of 77.6%.
Onchain School emphasized that while the long-term trend of Bitcoin reserves at centralized exchanges (CEX) across the industry is declining, KuCoin’s situation is particularly extreme, with the timing and scale of fund outflows highly correlated with the implementation of KYC measures.
However, in response to this data, KuCoin officially cited the asset reserve audit data from April 30, 2025, stating that the reserve rates for Bitcoin, Ethereum, USDT, and USDC are 106%, 116%, 114%, and 109%, respectively. Among them, the user assets for Bitcoin amount to 9,751 coins, with wallet assets at 10,306 coins, showing a significant discrepancy compared to Cryptoquant’s data. The ETH user assets total 145,807 coins, with wallet assets at 168,779 coins; USDT user assets are approximately $1.179 billion, while wallet assets are about $1.338 billion.
This reserve proof was initially audited by the third-party firm “Mazars,” but reports indicate that the company has suspended services for cryptocurrency entities, leaving it unknown whether KuCoin has changed its auditing firm.