after the shock Collapse of FTXother centralized crypto exchanges have been under the microscope, with Crypto.com customers claiming that CEO Kris Marszalek accidentally dumped 320,000 ETH into a public address registered to a competitor’s exchange by his exchange, about 320,000 ETH at the time. I am concerned that you admitted to sending $400 million.
blockchain records Etherscan On October 21st, Crypto.com transferred about 80% of its total ETH reserves to rival exchange Gate.io.proof of reserveswas made available to users on October 28 as part of a renewed push for post-FTX crisis transparency.
Gate.io then returned a slightly reduced total of 285,000 ETH (about $456 million) as a result of a slight ETH surge. October 29thcrypto.com independently released Proof of reserves on November 12th.
“This was supposed to be a move to a new cold storage address, but it was sent to a whitelisted external exchange address,” said Marszalek. murmured Saturday. “We worked together [the] The gate team and funds were then returned to cold storage. New processes and features have been implemented to prevent this from happening again. “
Did you use 80% of your eth for differential exchanges? Was the return of 285,000 delta a fee for mistakes?
— Ledger 🇺🇸 Plebeus Prometheus (@ledgerstatus) November 13, 2022
Marzarek Added All funds have since been returned and Crypto.com’s dollar balance at Gate is in the single digits in the millions.
and thread Condemning the resulting speculation as “FUD”, Marszalek share Gate snapshot showing reserves from October 19, excluding Crypto.com funds.the gate too Posted on own blog at midnight on saturdayClarification about “helping Crypto.com get 320,000 ETH false transfers”.
Crypto.com and Gate.io did not immediately respond to requests from. Decryption for further comments.
The mysterious deal comes just days after one of the world’s top five exchanges suffered a devastating bank run, with no liquidity to cover, and the total collapse of Sam Bankman-Fried’s empire and reputation. That’s it.
Like FTX, Crypto.com touts itself as a regulated and trusted cryptocurrency business that many are now skeptical of.
Binance CEO Changpeng Zhao announced a week ago that his company liquidate the stash of FTX’s tokens that were quickly hit by the Crypto.com debacle.
“If an exchange needs to move a large amount of crypto before or after indicating a wallet address, that is clearly a sign of trouble,” he said. murmured.please stay away
Crypto.com’s proof of reserves, released on November 12th, was already the subject of puzzlement. According to the document, about 20% of the exchange’s holdings were built on SHIB, a joke cipher based on another joke cipher, DOGE.
FTX spent billions of dollars Regarding sports sponsorship contracts that are being rapidly dissolved in the wake of bankruptcy. The Miami Heat announced Friday that they will drop the FTX name and seek a new stadium naming partner. Crypto.com also invests heavily in sports. $700 million arena naming rights deal A deal with the Los Angeles Lakers dwarfs the FTX/Heat deal. I am a sponsor 2022 FIFA World Cup in Qatar.