Crypto.com CEO Kris Marszalek has addressed a huge transfer of Ethereum (ETH) from the exchange’s wallet that was noticed by on-chain sleuths.
Prema Etherscanu podaci, about 285,000 ETH worth over $347 million was sent from Crypto.com’s wallet address to Gate.io, another crypto exchange, before being sent back.
Marszalek kaže that the transfer was a mistake, and the ETH trove was meant to be sent to a cold storage wallet but ended up at Gate.io.
“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.”
According to the Etherscan data, the return of the ETH stash from Gate.io happened days before Crypto.com’s reveal of its reserves. Following the insolvency of FTX, several crypto exchanges, including Crypto.com, came forward showing their reserves in a bid for transparency.
Last week, Marszalek revealed part of Crypto.com’s reserves.
Said Marszalek
“Dok je priprema za reviziju dokaza o rezervama u toku, dijelimo naše hladne adrese novčanika za neke od najboljih sredstava na našoj platformi. Ovo predstavlja samo dio naših rezervi: oko 53,024 BTC, 391,564 ETH, iu kombinaciji sa drugom imovinom za ukupno 3 milijarde dolara.
Očekujte od nas kompletan revidirani dokaz o rezervama u narednih nekoliko sedmica, koji potvrđuje punu 1:1 rezervu svih sredstava kupaca. Možete očekivati da će Crypto.com nastaviti raditi u [duhu] pune transparentnosti i ostati mirna ruka i sigurna, sigurna platforma.”
On the same day that Crypto.com’s large Ethereum transfers came to light, Binance CEO Changpeng Zhao tweeted out that exchanges moving around crypto near the time they revealed their wallet addresses was a red flag.
Ako burza mora prebaciti velike količine kriptovaluta prije ili nakon što pokažu svoje adrese novčanika, to je jasan znak problema. Ne prilazi. Ostani #ROW. ??
- CZ? Binance (@cz_binance) Novembar 13, 2022
U vreme pisanja, CRO, a utility token designed by Crypto.com, has plunged over 45% in the last seven days and is 93% down from its all-time high.
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Source: https://dailyhodl.com/2022/11/14/crypto-com-ceo-explains-huge-347000000-ethereum-eth-transfer-amid-bid-for-reserve-transparency/