The global crypto market is currently in a state of complete uncertainty following the collapse of the FTX crypto exchange. However, the situation is getting more worrying when there are less pleasant rumors about another crypto exchange, Crypto.com.
Based on reports, there was a massive withdrawal by investors over the weekend on Crypto.com. The Company's Chief Executive Officer, Kris Marszalek admitted that their side handled the $400 million transaction. He mentioned that the transfer was sent to the wrong type of account on another exchange.
It has been spread on Twitter that there has been a large transaction which is a large transaction transferring $400 million worth of Ethereum on October 21, 2022 by Crypto.com. Not only that but there is also evidence that some other transfers between smaller platforms and other exchanges are taking place. Meanwhile, Marszalek has assured that it was done by accident and the token has been restored. Meanwhile, Marszalek has assured that it was done by accident and the token has been restored.
However, the Crypto.com CEO's comments failed to regain investor confidence. The original token, Cronos price has dropped by 50% in the last 7 days. This comes as a major threat to the digital asset market after the fall of FTX.
A spokesperson from Crypto.com emphasized that the platform is registering a higher level of activity. However, he insisted that the assets were fully matched with the customer's deposits. He added that fluctuations in deposit and withdrawal activity do not affect our service level.
The price of Cronos has dropped over 10% in the last 24 hours. It traded at an average price of $0.063848 before rebounding to $0.0709. So far over $11.5 million worth of Cronos tokens have been moved from crypto.com.
