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The Chief Executive Officer of Crypto.com Dismisses Rumors of a Crisis and States that the Balance Sheet is Solid

30/11/2022
05/12/2022
07/12/2022
08/12/2022

MetaVentures Bangkok 2022

Bangkok, Thailand
14/12/2022
27/02/2023

ICBM Expo

Dubai, UAE
03/03/2023

The collapse of FTX has caused a destructive wave to wash over crypto, causing significant collateral damage, and rival exchanges have attempted to reassure jittery investors of their own stability. Kris Marszalek, CEO of Crypto.com, denied that the exchange is in trouble and reiterated that it has a strong balance sheet.

During a live-streamed presentation on YouTube, the site’s CEO received questions from viewers and said that sufficient reserves were always maintained to match the amount of each currency clients had on the network.

After investors voiced concerns on Twitter over the weekend over a transfer of 320 ETH tokens to the Gate.io exchange on October 21, an AMA (ask-me-anything) session was held shortly afterwards.

“At no point in time did there ever exist the possibility that the monies would be transferred someplace from where we would be unable to retrieve them. It had been nearly three weeks since it took place. “It had nothing to do with any of the hysteria that has been occurring since FTX went bankrupt,” he stated. “It was completely unrelated.”

Marszalek indicated that an audited evidence of the exchange’s reserves report will be issued within the next few weeks, and he also stated that the exchange did not participate in any “irresponsible lending products.”

In contrast to the connection that exists between FTX and Alameda and the token that FTX uses, FTT, he also noted that withdrawals are functioning as predicted and that the exchange’s token, CRO, has never been utilized as loan collateral. According to him, the company’s total exposure to FTX was little more than ten million dollars.

Marszalek said that they were successful in recouping $990 million from FTX.

The fear, uncertainty, and doubt (FUD) surrounding Crypto.com’s exchange has caused the CRO token’s price to fall by about 45 percent in the last week.

Compiled by Coinbold

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