The turmoil in the crypto industry after the FTX collapse has caused all the other cryptocurrency exchanges to introspect and provide trust to all of their users about the future of the cryptocurrency and the robust foundations of all the cryptocurrency exchanges in the coming years.
Who is Crypto.com?
The Singapore-based cryptocurrency exchange platform Crypto.com will be sharing its balance sheet will all of its users and assured all of its users that the platform is having strong foundations and robust balance sheets for all the future risks in the market.
Chief executive Kris Marszalek of Crypto.com answered all the doubts and questions of users through a live stream on Youtube and also mentioned that the platform has enough reserves for all the coins the users hold on the platform.
Marszalek also assured that the company is and will be working as usual and isn’t impacted by the turmoil in the market because of the FTX saga. He also mentioned that he will continue to work as usual and the company will be best in its operations and is a safe and secure platform for all the crypto users in the market. He also mentioned that the audited proof of reserves will be published by the company very soon this week and the company is not engaged in any irresponsible lending activity in the market.
The operational credibility of the Crypto.com platform was questioned when one investor, witnessed a transition of approximately $400 million of ether tokens. These ether tokes were sent from Crypto.com to another exchange called Gate.io around three weeks ago on 21st October this year.
How CEO of Crypto.com resolved all the tweet strome?
The claim of sudden transactions from the Crypto.com platform and the primary investigations by one investor about these sudden transactions from Crypto.com resulted in the tweet strome. To resolve these Twitter discussions, CEO of Crypto.com, Kris Marszalek had to take the AMA means the ask me anything discussion on YouTube.
In the discussion on YouTube, Marszalek told its approximately 7,000 YouTube live viewers that these transitions were carried out way back before the FTX saga and the transactions are recovered by the platform and sent back to Crypto.com.
The complete market in the cryptocurrency world has been facing big trust speculation in the present condition after the collapse of FTX and the user’s withdrawal requests of approximately $1 billion have been halted at the FTX platform.
FTX company is facing bankruptcy proceedings as per US regulations. The collapse of FTX has impacted the cryptocurrency industry and the trust and the will factor of all the users have been shaken, it will take some years for the cryptocurrency market to gain the same level of trust in the crypto market.