Crypto exchange Cryptocom denied rumors of financial problems
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Crypto exchange Crypto.com denied rumors of financial problems

Popular Singapore-based crypto exchange Crypto.com has vowed to prove its balance of payments stability against skeptics who claim the platform is in financial trouble. According to his leader Chris Marszalek (Kris Marszalek), there are no risks.

    Image source: Crypto.com

Image source: Crypto.com

Crypto.com’s head said during a live YouTube broadcast that the platform has always kept reserves to cover every “coin” held by customers on its platform. “We will continue with our business as usual and prove it to all the naysayers who have been on Twitter for the past few days now.”said Marsalek. He promised that the exchange will prove its solvency with action – it will continue to operate as usual and remain a reliable and safe place where everyone can access cryptocurrency.

According to Crypto.com’s director, audit results will be released in the coming weeks, confirming that the site does not deal in “irresponsible credit products.”

The YouTube broadcast comes after investors raised numerous questions on Twitter on Oct. 21 about withdrawing $400 million worth of Ethereum to accounts of another exchange Gate.io. Marsalek published a post on the social network, according to which the cryptocurrency has already been returned to the exchange, but after the collapse of FTX, his statement did not calm the alarmed market. According to The Wall Street Journal, withdrawals from the site increased significantly over the weekend.

    Image source: Kanchanara/unsplash.com

Image source: Kanchanara/unsplash.com

Marsalek himself claims the funds were never at risk – they weren’t sent where they couldn’t be returned. The transfer took place over three weeks ago and has nothing to do with the FTX situation. The live broadcast was watched by around 7,000 people.

The cryptocurrency market remains in a frenzy after last week’s FTX exchange collapse. It has come a spectacular way, first gaining the status of one of the largest online exchanges and then actually going bankrupt. Customers lost at least $1 billion, according to Reuters.

The movement of funds from Crypto.com was spotted by one of the users who was investigating the transactions after the exchange published the addresses of their so-called. “cold wallets”.

Crypto.com is known to be among the top ten cryptocurrencies in the world in terms of revenue. Marsalek said the exchange has 70 million customers worldwide and generated $1 billion in revenue in 2021 and 2022.

More than a year ago, the platform transferred about $1 billion to FTX accounts, but has already returned most of the funds, losing only $10 million after the collapse of a competitor, replied that the reserves directly customer savings reflect, and SHIB and Dogecoin were very popular in 2021.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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