Crypto.com Recovers $990M Exposure From FTX

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Kris Marszalek; Photo Source: Business Insider

In a recent interview, Kris Marszalek, the CEO of Crypto.com, revealed that the platform was able to recover $990M worth of funds from FTX. According to him, Crypto.com only has a $10M exposure to FTX.

Marszalek stated that Crypto.com is not under the threat of insolvency in response to users raising questions about a $400M "misplaced" Ethereum (ETH) transaction to Gate.io and added,

“We will prove them all wrong with our actions. We will continue operating as we have always operated. We will continue being the safe and secure place where everybody can access crypto.”



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Furthermore, he claimed that withdrawals are working “as expected” for all cryptocurrencies except Serum token (SRM), Gala (GALA), and Raydium (RAY).

The CEO of Crypto.com emphasized the importance of trust in the crypto ecosystem, adding that the exchange will publish its Proof-of-Reserve reports in the coming weeks. 

He also claimed that the future is bright for the crypto industry, noting,

“If we extrapolate a few years down the road, like five years or so, I think that the industry is going to come back and it’s going to come back stronger than ever.” 

It is worth noting that despite Marszalek's statements, Crypto.com’s utility token, Cronos (CRS), has experienced a 40% decrease in value over the past week. The token is currently priced at $0.072, having fallen from a 7-day high of $0.1267.

Written by
Ayush Pande

In a recent interview, Kris Marszalek, the CEO of Crypto.com, revealed that the platform was able to recover $990M worth of funds from FTX. According to him, Crypto.com only has a $10M exposure to FTX.

Marszalek stated that Crypto.com is not under the threat of insolvency in response to users raising questions about a $400M "misplaced" Ethereum (ETH) transaction to Gate.io and added,

“We will prove them all wrong with our actions. We will continue operating as we have always operated. We will continue being the safe and secure place where everybody can access crypto.”



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Furthermore, he claimed that withdrawals are working “as expected” for all cryptocurrencies except Serum token (SRM), Gala (GALA), and Raydium (RAY).

The CEO of Crypto.com emphasized the importance of trust in the crypto ecosystem, adding that the exchange will publish its Proof-of-Reserve reports in the coming weeks. 

He also claimed that the future is bright for the crypto industry, noting,

“If we extrapolate a few years down the road, like five years or so, I think that the industry is going to come back and it’s going to come back stronger than ever.” 

It is worth noting that despite Marszalek's statements, Crypto.com’s utility token, Cronos (CRS), has experienced a 40% decrease in value over the past week. The token is currently priced at $0.072, having fallen from a 7-day high of $0.1267.

Written by
Ayush Pande