Is Crypto.Com Next After FTX? CRO Price Down 50%
The global crypto market is trading under increased uncertainty due to the collapse of FTX, a cryptocurrency exchange. However, growing problems for another crypto exchange, Crypto.com, have worried the market participants.
Crypto.com mishandled ETH trnx
As per reports, Crypto.com saw a massive pullout by investors over the weekend as Company’s CEO, Kris Marszalek admitted to mishandling the $400 million transaction. He mentioned that the transfer was sent to the wrong type of account on another exchange.
Twitter users flagged a heavy transaction of moving $400 million worth of Ethereum on October 21, 2022. They highlighted to some other transfers between other small platforms and exchanges as evidence. Meanwhile, Marszalek has assured that it was done accidentally and the tokens have been recovered.
However, Crypto.com CEO comments have failed to regain the confidence of the investors. Its native token, Cronos price has dropped by a massive 50% in the last 7 days. This comes as a huge threat to the digital asset market after the collapse of FTX.
CRO price drops
Crypto.com announced that their CEO will be going live on Youtube to answer all queries and speculations about the transactions reported on the platform. He wrote that a lot has happened in the last week and he wants to address that.
A spokesperson from Crypto.com highlighted that the platform registered higher levels of activity. However, he asserted that assets fully matched customer deposits. He added that fluctuations in deposit and withdrawal activity do not affect our levels of service.
Cronos prices have dropped by over 10% in the last 24 hours. It is trading at an average price of $0.063848, at the press time. CRO’s 24 hour trading volume is up by 175% to stand at $255 million.
Whale alert reported that 200 million CRO tokens have been added by a whale wallet in a single transaction. Over $11.5 million worth of Cronos token were moved from crypto.com.