Crypto.com CEO downplays FTX contagion fears
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Crypto.com CEO downplays FTX contagion fears, says he’ll prove naysayers wrong as withdrawals rise https://www.techrum.vn/threads/crypto-com-ceo-downplays-ftx-contagion-fears-says-he’ll-prove-naysayers-wrong-as-withdrawals-rise.683044/
The boss of cryptocurrency exchange Crypto.com took to YouTube Monday to reassure users of his platform after the stunning collapse of rival firm FTX sparked fears of a market contagion.
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https://paste.firnsy.com/paste/2ifkSaFiU4EIn an “AMA” (ask me anything) on YouTube, the platform’s CEO Kris Marszalek said that his company had a “tremendously strong balance sheet” and that it wasn’t engaged in the kinds of practices that led to the downfall of Sam Bankman-Fried’s FTX last week.
FTX filed for Chapter 11 bankruptcy protection on Friday after concerns over the company’s financial health resulted in a run on the exchange and a plunge in the value of its native FTT token. FTX tried to reach a deal to be acquired by Binance, the largest venue for trading digital assets, but this fell apart after Binance backed out citing reports of mishandled customer funds and alleged U.S. government investigations into FTX.Alameda Research, FTX’s sister company, borrowed billions in customer funds from the exchange to ensure it had enough funds on hand to process withdrawals, CNBC reported Sunday. Bankman-Fried declined to comment on allegations of misappropriating customer funds but said its recent bankruptcy filing was the result of issues with a leveraged trading position.
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https://healingxchange.ning.com/photo/albums/caws“We never engage as a company in any irresponsible lending practices, we never took any third-party risks,” Marszalek said Monday. “We do not run a hedge fund, we do not trade customers’ assets. We always had 1-to-1 reserves,” he added. https://stockhouse.com/companies/bullboard?symbol=v.enw&postid=35098816
His comments come after the revelation Sunday that Crypto.com mistakenly sent $400 million worth of the ether cryptocurrency to Gate.io, another crypto exchange, in October, a mishap that raised fears Crypto.com users’ funds may be at risk.
Crypto.com and Gate.io said they were sent by mistake and were quickly returned to Crypto.com after the error was identified. Marszalek tweeted Sunday that the firm had meant to send the funds to its “cold wallet” — meaning an offline cryptocurrency wallet — but were instead moved to a whitelisted corporate account with Gate.io. In its own statement, Gate.io said the transactions were the result of an “operation error transfer” and that all assets have since been returned to Crypto.com.
“In this particular case the whitelisted address belonged to one of our corporate accounts in a 3rd party exchange instead of our cold wallet,” he added. “We have since strengthened our process and systems to better manage these internal transfers.”That did little to assuage investor concerns, however, with traders speculating Crypto.com may be facing liquidity issues of its own and dipping into customer funds after the FTX collapse. Marszalek pushed back on claims it was misappropriating users’ funds Monday, stating in the AMA that “we do not trade customers’ assets.”
“We will just continue with our business as usual, and we will prove all the naysayers – and there is many of these right now on Twitter in the last couple of days – we’ll prove them all wrong with our actions,” Marszalek said.
“We’ll continue operating as we have always operated to continue being a safe and secure place where everybody can access crypto.”
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https://open.firstory.me/story/clahqqvip06s401z9dlq14npgAnalysis of public blockchain data shared with CNBC by data firm Argus shows that, from 7 p.m. ET Saturday through 6.30 a.m. ET Monday, a net $68 million in ether and $120 million in other Ethereum-based tokens was withdrawn from Crypto.com by its users.
Over that same timeframe, Crypto.com added $62 million in ether and $140 million of other digital assets to meet the withdrawals, according to Argus.
“To its credit, Crypto.com continues to have the funds to meet these withdrawals, lending further credence to its CEO’s claims that their assets are backed 1:1,” Owen Rapaport, co-founder and CEO of Argus, told CNBC via email.