Is Crypto.com’s Cronos coin the next to fall?

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Last Updated on 18 November 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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After FTX’s collapse last week, a great number of major cryptocurrency exchanges have made promises to customers that they would all publish proof of their reserves in the spirit of transparency and trust.

Problem for the Crypto.com exchange is that they had to admit having mishandled a roughly $400 million Ethereum transaction (as we reported this Monday already). Ever since then, and with the media focusing on the demise of Sam Bankman-Fried and all the celebrities he takes down with him, Crypto.com has been having a hard time reassuring customers that they are fine.

Changpeng Zhao, CEO of Binance, seemed to hint a possible issues as Crypto.com already. Although he didn’t name the platform directly, he hinted that something could be amiss, stating:

If an exchange has to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems.

Advertentie.

Matt Damon

Crypto.com’s Singapore-based CEO Kris Marszalek tried to steer the conversation away from the transfer issues, saying that his company’s exposure to FTX was minimal and had a:

Tremendously robust balance sheet.

We never needed to raise any funds, he added.

Of course, given that Crypto.com is the exchange that also launched the widely mocked Matt Damon add, it is no wonder that people have been focusing on it.

YouTube video

Cronos, Crypto.com’s own coin, is down a good 40% since the rumors of FTX’s demise begin.