On November 13, it was reported that Crypto.com sent an amount of 320,000 ETH to the wallet address of Gate.io on October 21. A few days later, Gate.io returned 285,000 ETH to Crypto.com.
Explaining this, the CEO of Crypto.com said that it was a mistake. However, this explanation is considered absurd and irresponsible when both exchanges are big names in the crypto market.
After that, on November 14, the community discovered that Crypto.com had made many transactions to transfer USDC to FTX with a value up to 1 billion USD. In response to this, CEO Kris Marszalek said:
This is false. We have minimal exposure to FTX (under US10m) and only used it as a trading venue to hedge customers’ trades. We never deployed capital for yield with FTX or any 3rd party.
To appease the community, CEO Kris Marszalek said that withdrawals are still being processed completely normally. The number of withdrawal queues has downed by 98% in the last 24 hours.
However, trading activities of Crypto.com still make many people concerned about the operation of CEX exchanges, especially after the collapse of FTX.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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