Crypto[.]com CEO Clears Air On Reserves, FTX Exposure, FIFA

Crypto.com CEO Kris Marszalek in an AMA session on Monday clears the FUD surrounding liquidity problems at the crypto exchange after a large crypto exchange FTX filed for bankruptcy last week. Marszalek reiterated an earlier statement of a strong balance sheet and limited exposure to FTX.

Crypto.com’s native token Cronos (CRO) plummeted by almost 50% amid the mishandled $400 million Ethereum transfer and FUD related to the exchange.

Is Crypto.com Really Next After FTX, CEO Dismisses FUD

Crypto.com CEO Kris Marszalek announced a quick AMA on November 14 to clear FUD surrounding liquidity at the crypto exchange. He believes the collapse of FTX has damaged trust of people and crypto platforms need to rebuild the trust.

Kris Marszalek reiterated his statement of having a strong balance sheet and limited exposure of $10 million to FTX, after recovering $990 million. The exchange has also announced undergoing an external audit to reveal its proof of reserves. Meanwhile, the exchange revealed top assets in its cold wallet addresses. The audit can be expected in March next year.

“We will prove them all wrong with our actions. We will continue operating as we have always operated. We will continue being the safe and secure place where everybody can access crypto.”

When asked about the main sources of income and profit, Crypto.com CEO said most of the revenue comes from fees in fiat exchange and crypto trading, with others from merchants accepting crypto payments. Moreover, he answered that 20% of Shiba Inu reserves in cold wallets are customer funds.

Withdrawals are working as expected for Crypto.com. The only stoppage has been related to GALA, SRM, and Ray. Crypto influencers are spreading FUD related to the crypto exchanges continuously since the crash. Moreover, he compared the crypto winter with the crypto downturn in 2018. He also addressed the benefits of the partnership with FIFA.

CRO Token Dumps 50%

Crypto.com native token Cronos (CRO) tanked almost 50% after the exchange sent $400 million worth of Ethereum sent mistakenly to an address at Gate.io crypto exchange.

At the time of writing, the CRO price trades at $0.070, up over 7% in the last 24 hours.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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