Crypto.com Purge Network Issues and Conspiracy

Crypto.com Purge Network Issues and Conspiracy
  • Crypto.com’s 20% reserves were in meme coin Shiba Inu
  • FTX tokens have withdrawal limits in the exchange 
  • Crypto.com assures continuous user withdrawals

Crypto.com’s CEO, Kris Marszalek responded to users who asked why about 20% of the exchange’s reserves were in meme coin Shiba Inu by saying that these deposits were just from customers. 

Additionally, the company denied that Crono, the exchange’s native cryptocurrency, was used as collateral for loans. According to Marszalek, the exchange doesn’t need to use because it earns a fairly substantial amount of revenue, so he prefers to concentrate on that instead.

He also assured that the network is in a healthy state and assured users that withdrawals would not be affected. 

According to the CEO of Crypto.com, only three coins currently have withdrawal limits on the exchange – two FTX tokens and one securitized token.

On the other hand, to clear the ongoing issue of Crypto.com in the space, Marszalek, informed consumers that while FTX was still operational, the company provided substantial amounts of stablecoins to fulfill liquidity within clients’ orders. during a live ask-me-anything session on Nov. 14.

Meanwhile, due to the demise of FTX, Crypto.com and many other exchanges have seen a surge in withdrawals. As a result of the company making the mistake of unintentionally sending 320,000 Ether (ETH) to Gate.io, numerous conspiracy theories were posted on Twitter.

In other news, In order to reassure users that their money is safe, Huobi Global published an asset transparency report on Sunday.

The exchange-listed 191.84 million HT ($900 million), 274,000 ETH, 9.7 billion TRX, 820 million USDT, and 32,000 BTC, along with 191.84 million tokens such as ATOM, ADA, BCH, DOGE, DOT, MATIC, SHIB, and ETC.

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José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.