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Transaction oversight puts Crypto.com under pressure

The crypto exchange Crypto.com is under increasing pressure over the weekend.

By Finst News
• 4 min read
Transaction oversight puts Crypto.com under pressure

The crypto exchange Crypto.com has been under increasing pressure over the weekend. The reason is that it reportedly accidentally sent $400 million to the Gate.io exchange. The transactions that were not supposed to happen had already begun a few weeks ago.

Marszalek says the amount has already been refunded

CEO Kris Marszalek confirmed here View post on X that the full amount has been refunded to Crypto.com. He also labeled the rumors about the transfer as "scare-mongering and speculation." All exchange services "were functioning as usual," according to Marszalek. After the collapse of FTX, his platform quickly provided a temporary "proof of reserves," meaning all user assets were indeed backed.

Delays due to increased withdrawals

In response to the news of the faulty transfer, users began pulling more crypto from the exchange, totaling $53 million. Many have since reported on social media that withdrawal delays are lengthy. CEO Kris Marszalek announced a live YouTube video in response to the weekend’s events where he will answer users’ questions.

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