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One of the largest crypto exchanges in the world, FTX, faced a huge collapse in its market price during the past week. As FTX filed for bankruptcy, it brought down all digital prices in the crypto market. One of the popular crypto exchange platforms, Crypto.com, has been facing fluctuations in the crypto market recently. The reports warn that half of the assets on Crypto.com are facing low liquidity.
“If you have funds on Crypto.com, please pay attention to the safety of your funds. They have a large amount of $SHIB and $CRO.” Last week, the CRO token was almost down to 45%.
The users are continuously withdrawing their assets from the platform. Last week, Crypto.com mishandled nearly $400 (USD) million in transactions, raising further concerns among the site users. Before the reserve announcement, the entity withdrew $210 million (USD) worth of USDT from Binance and $50 million (USD) worth of USDC from Circle.
Binance stated that there is no way to help FTX with the current legal actions by the US SEC. Binance said it was “beyond our control or ability to help.” As per the reports, nearly $1 billion worth of user funds were missing from FTX.
Today Kris Marszalek, CEO of Crypto.com, went live on Youtube to give clarity to the users who have been facing issues since last week. He assured users by saying the platform is maintaining a strong balance sheet and that the FTX on the platform is limited to $10 million (USD).
“We will prove them all wrong with our actions. We will continue operating as we have always operated. “We will continue being the safe and secure place where anyone can access cryptocurrency.”
He further explained that the current situation facing the platform has nothing to do with the FTX bankruptcy. “At no point were the funds at risk of being sent somewhere where we could not get them back.” It happened over three weeks ago. It had nothing to do with any of the craziness that has been happening since FTX collapsed.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
