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Crypto.com Responded That It Has Minimal Exposure To FTX

After the whirlwind unraveling this week of rival exchange FTX, which filed for bankruptcy on Friday, crypto watchers are on guard after discovering that Crypto.com sent 320,000 ETH million to the incorrect recipient.

Crypto.com Responded That It Has Minimal Exposure To FTX 2

Crypto.com’s CEO Kris Marszalek said over Twitter that the transaction was an accident while also claiming that the exchange was stuck under $10 million in FTX.

Crypto observers who closely examined the transaction thought that it was a ploy to inflate trade volume. The fact that the analyst who initially saw the transaction was working for a competing exchange, Coinbase, added to the commotion.

In response to this, Kris also revealed Coinbase is also stuck with $15 million in FTX.

The incidents surrounding the collapse of the FTX exchange are happening more and more. Former FTX CEO Sam Bankman-Fried is said to be under investigation by Bahamas authorities.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.