encryption. com He ended up in the earthquake that shakes Digital currencies.
CEO of a cryptocurrency exchange encryption. com The Singapore-based company said the company was ready to prove there were no problems ahead, that the balance sheet was strong and that no risk was taken.
The need for clarification came after a very busy weekend: according to the data, in fact, in October about 82% of reserves Ethereum (worth €400m) was mistakenly transferred to a related wallet, Gate.io.
Investors have raised the alarm that such a move would be contrary to what Crypto.com has claimed, which is that all users’ funds are held offline in “cold” wallets.
Not only that, the Wall Street Journal reported massive withdrawals from Crypto.com over the weekend. With the exchange’s CRO token crash, there was speculation that users were dumping the token and/or that the company was selling tokens on the market for crypto or cash to fulfill withdrawal requests.
encryption. comWith the intervention of the Managing Director, he gave explanations and reassurances: What did he say?
Crypto.com Is Not in Crisis: The CEO Answers
CEO Chris Marsalek answered some clarifying questions on YouTube via livestream regarding the panic that spread yesterday on Twitter due to a default in the stock exchange, among the top ten in the world in terms of turnover.
As reported by Reuters, the CEO said: We will prove them wrong about our actions. We will continue to work as we have always done and be the safe place for everyone to access cryptocurrency.”
He stressed that the backup verification report would be issued within weeks.
Compared to the error that transferred 82% of Ethereum reserves to Gate.io, which was explained by the Twitter announcement, Marszalek recalls: “At no time was the money in danger of being sent somewhere we couldn’t recover it. It happened over three weeks ago. It has nothing to do with the madness that has happened since the FTX crash.”said the CEO in response to questions that were watched live by about 7,000 people.
Marsalek explained that, too encryption. com It has 70 million individual customers worldwide and generated $1 billion in revenue in 2021 and 2022.
The platform moved about $1 billion to FTX in a year, but most of it was recouped and the exposure at the time of the FTX crash was less than $10 million, it said.
It should be remembered that the panic on Crypto.com came at a time when the cryptocurrency market was already in the balance, with the FTX crash last week. FTX has gone from being one of the largest stock exchanges in the world to being a country bankruptcy.
