Crypto: Crypto.com, a false alarm?

Many believe that Crypto.com would be the next cryptocurrency exchange to fail after Terra and FTX. But for Kris Marszalek, the thesis of the insolvency of Crypto.com is refutable. The transfer of 320,000 ETH to Gate.io was just a simple mistake, he justifies himself. As for the problems of delayed withdrawals of cryptos on the platform, the company claims that everything will return strictly to the way it was before.

Crypto.com, back on track?

The Crypto.com team is fixing the issue

Crypto.com: We are currently experiencing delays in crypto withdrawals due to network traffic. We are currently monitoring this issue. »

The screenshot attached to this post highlights a message shared by Crypto.com on his Telegram channel.

Translation :

System Status Update: Delayed Withdrawals. Our team is working to resolve this issue as soon as possible. We apologize for this temporary inconvenience and thank you for your continued support. »

Lately, Crypto.com has only improved its reputation. On Sunday November 13, for example, its CEO Kris Marszalek participated in an “Ask Me Anything” (AMA) on Youtube in order to reassure investors in the face of a possible bankruptcy. On occasion, he has argued that his company has a ” extremely strong balance sheet and that the platform is functioning normally despite an ETH transaction error.

People depositing, people withdrawing, people trading, there’s pretty much normal activity, just on a higher level “, he underlined.

Kris Marszalek’s denial

Crypto.com is not like FTX

According to Elon Musk and Jesse Powell, Sam Bankman-Fried has tarnished the image of cryptocurrencies to the highest degree. The collapse of his sprawling empire has indeed caused panic among enthusiasts.

Kris Marszalek, however, rules out any possible reproduction of the FTX scenario within his ecosystem. The reason is that Crypto.com does not adopt the same practices as FTX.

We have never engaged as a company in irresponsible lending practices, we have never taken any risk for third parties. We do not manage a hedge fund, we do not trade client assets, we have always had ‘1-to-1’ reservations », Reports CNBC.

AMA by Kris Marszalek

Other bleeding points were addressed by Marszalek during this exchange. He took the opportunity to talk about the funds needed to run the crypto exchange as usual, an audit to prove their existence, a $1 billion loan granted to FTX in 2021… Confident, the CEO of Crypto.com mentioned that the years 2021 and 2022 respectively brought $1 billion in revenue to his company.

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