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Crypto.com Sent $400 Million in Ethereum by Mistake!
Cryptocurrency exchange Crypto.com mistakenly sent 320,000 ETH to a wallet address linked to Gate.io in late October. While the platform has since recovered the assets, Binance CEO Changpeng Zhao advised users to stay away from the platform. In an effort to address this skepticism, crypto executives began sharing evidence of their reserves. First, Crypto.com published its crypto addresses, revealing how much and what cryptocurrency it held on behalf of its customers. However, users quickly identified a suspicious transfer of 320,000 ETH to a wallet address linked to Gate.io on October 21, 2022, largely because the exchange claimed that all of its users’ cryptocurrency was stored offline in cold storage on hardware wallet provider Ledger.
Crypto.com CEO's Response
Crypto.com CEO Kris Marszalek revealed that the transaction was a mistake. "It was supposed to go to a new cold storage address, but was sent to an external exchange address that was whitelisted," he said, adding:"We worked with the Gate team and the funds were then returned to our cold storage. New processes and features have been implemented to prevent this from happening again."Despite the explanation, the crypto community was left with a sour taste in the mouth from the platform. Many crypto users questioned how it was possible to accidentally send $400 million worth of ETH to an address that was not the designated recipient. Notably, this is not the first time Crypto.com has made such a mistake. Back in August, the exchange made headlines after it was revealed that it accidentally sent AUD$10.5 million (worth over $7 million) to a Melbourne-based investor instead of a refund of AUD$100 ($67). To make matters worse, the incident occurred in May 2021, and was not discovered until December 2021. Meanwhile, Binance CEO CZ, who has recently been in the news for his involvement in the FTX saga, advised users to stay away from Crypto.com, claiming that it was a clear indication that they were not competent enough.
"If an exchange has to move large amounts of crypto before or after they reveal their wallet addresses, that's a clear sign of trouble. Stay away," he said. Minimize Loss Maximize Profit, Use the Following Account! Want to Earn Tens of Millions Consistently? Do This!You can update crypto news every day through the journals in GIC. In addition to crypto news, you will also get other news such as gold, forex, commodities, and news about other markets. Immediately register yourself to trade at GIC using an ECN account to enjoy trading with low spreads starting from zero. Don't forget to follow the GIC Prize Fair to get free trips or get a car without a draw!
