Is Crypto.Com Next After FTX? CRO Price Down 50%

The global crypto market is trading under increased uncertainty due to the collapse of FTX, a cryptocurrency exchange. However, growing problems for another crypto exchange, Crypto.com, have worried the market participants.

Crypto.com mishandled ETH trnx

As per reports, Crypto.com saw a massive pullout by investors over the weekend as Company’s CEO, Kris Marszalek admitted to mishandling the $400 million transaction. He mentioned that the transfer was sent to the wrong type of account on another exchange.

Twitter users flagged a heavy transaction of moving $400 million worth of Ethereum on October 21, 2022. They highlighted to some other transfers between other small platforms and exchanges as evidence. Meanwhile, Marszalek has assured that it was done accidentally and the tokens have been recovered.

However, Crypto.com CEO comments have failed to regain the confidence of the investors. Its native token, Cronos price has dropped by a massive 50% in the last 7 days. This comes as a huge threat to the digital asset market after the collapse of FTX.

Crypto.com announced that their CEO will be going live on Youtube to answer all queries and speculations about the transactions reported on the platform. He wrote that a lot has happened in the last week and he wants to address that.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.