Is Crypto.com the Next Crypto Exchange To Go Bankrupt?

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• Crypto.com mistakenly sent around $400 million ETH to the wrong address.
• After the FTX bankruptcy, investors fear the failure of another exchange.
• ETH sent was withdrawn from Gate team and returned to its cold storage.

On November 13, the Singapore-based crypto exchange Crypto.com revealed that the company had accidentally sent around $400 million in Ethereum to a whitelisted Gate.io address rather than a new cold storage address.

Crypto.com CEO Kris Marszalek tweeted that 320,000 cryptocurrencies were delivered to a whitelisted Gate.io address mistakenly. Moreover the company revealed that was intended to be sent to a fresh cold storage address.

In the tweet, Marszalek states:

“It was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address”

It was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address. We worked with Gate team and the funds were subsequently returned to our cold storage. New process and features were implemented to prevent this from reoccurring.

— Kris | Crypto.com (@kris) November 13, 2022

Regarding this incident, Changpeng Zhao, the CEO of Binance, issued a warning to investors, suggesting that another crypto exchange may also go under bankruptcy.

This incident has had investors worry about the failure of another exchange while recovering from the FTX bankruptcy.

However, the company officials said “Crypto.com successfully withdrew the entire amount of ETH and returned it to our cold storage.”

Gate.io, founded in 2013, is a Chinese crypto exchange ranked sixth in the world by volume. The company has been praised for its security measures and has never been the subject of any public reports of security breaches.

Interestingly, in August, Crypto.com overcharged a customer by $7.2 million instead of issuing a refund of $68. The customer is now under prosecution for the incident.

Meanwhile, FTX’s collapse being the second largest exchange recent instigates fear among investors for another upcoming failure.

The Wall Street Journal notified that withdrawals at Crypto.com increased over the weekend after Marszalek’s tweet.

The post Is Crypto.com the Next Crypto Exchange To Go Bankrupt? appeared first on Coin Edition.

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