The biggest news in the cryptoverse for Nov. 14 includes Crypto.com CEO saying his exchange accidentally transferred 320,000 ETH to Gate.io; Kraken, Coinbase, and Gate.io publishing full proof-of-reserves with liabilities, and Binance launching a recovery fund for strong projects caught up in the FTX collapse.
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Crypto.com becomes latest bank run victim, but CEO says it is business as usual
Concerns over Crypto.com’s 320,000 ETH transfer to Gate.io, and sluggish withdrawal process raised speculations that Crypto.com may be on the verge of a collapse.
However, the exchange CEO Kris Marszalek in a recent AMA said that the insolvency rumors were false, adding that business activities were going normally. According to Marszalek, Crypto.com’s soon-to-be-published audited proof-of-reserve will verify that the platform is solvent.
Crypto.com transferred nearly 85% of ETH reserves to Gate.io in October, CEO assures it was accidental
On-chain data revealed that Crypto.com transferred 320,000 ETH to Gate.io, shortly before Gate.io published its proof-of-reserves on Oct. 28.
In the wake of the FTX collapse, the crypto community has raised concerns that the crypto exchanges may have intentionally inflated their reserve holdings.
In his defense, Crypto.com CEO Kris Marszalek said that the funds were mistakenly sent to Gate.io, but was returned immediately.
Huobi addresses concerns raised surrounding fake reserves ‘snapshot’
Huobi Global published its…
