Crypto.com CEO Kris Marszalek took to Twitter to reassure the crypto community that withdrawals on Crypto.com were processing normally and there was no need for fear, uncertainty, and doubt.
Marszalek made this announcement as there seems to exist an element of fear surrounding the crypto community whether withdrawals will be halted on Crypto.com, similar to the bankrupt FTX exchange.
The existing fear was manifested when one user replied to Marszalek’s post saying:
Despite Marszalek reassuring the community by saying, “all our systems are operating normally,” the whole ordeal is raising concerns among users about whether Crypto.com will suffer the same fate as the FTX exchange. As such, it is reported that user withdrawals on their platform have risen.
One user replied to Marzalek’s Twitter post and stated that his request to withdraw funds had been put on hold. In the Twitter post, the user states:
Meanwhile, “The Verge,” a tech news reporting platform, reported that some users speculate whether Crypto.com made an erroneous transfer of $400 million worth of Ethereum to Gate.io in order to falsify the proof of reserves that numerous crypto exchanges promised to provide in response to FTX’s collapse.
In response, Gate.io published a snapshot of its reserves on October 19 and declared that they had not received Crypto.com’s large transfer.
Additionally, Crypto.com provided partial proof of reserves on November 11 after Binance CEO Changpeng Zhao stated that all exchanges to be transparent about their reserves.
Interestingly, CZ also stated that if an exchange has to move large amounts of crypto before or after they disclose the funds in their wallet addresses, it is a clear sign of problems. Moreover, he advised the crypto community to “stay away” from those platforms.
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Source: Cryptocurrency - investing.com
