Crypto.com CEO confirms recovery of $990M from FTX

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Crypto.com CEO Kris Marszalek assured investors and consumers that the company poses no financial danger. He further stated that no “irresponsible lending products” had been used by the company and promised to release an audited evidence of reserves in the coming weeks.

During a live YouTube live stream, Marszalek fielded a number of questions about the company’s current state. He assured everyone that the platform’s finances are solid, despite the latest allegations. According to Marszalek, his exchange will soon announce publicly the total value of cryptocurrency it maintains on behalf of its customers. 

He said, “We will prove them all wrong with our actions.” and the business will go on as usual for Crypto.com as they seek to disprove “all the naysayers” and show they are wrong about the reliability and security of their platform.

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Crypto.com has a strong balance sheet

Crypto experts recently uncovered a transaction involving 320,000 ETH or approximately $400 million at that time, was made from an address believed to belong to Crypto.com. Marszalek stated the exchange address was whitelisted by accident. His recent statement explains:

“At no point were the funds at risk of being sent somewhere they could not be retrieved. It had nothing to do with any of the craziness from FTX.”

The Polish entrepreneur then clarified that Crypto.com’s exposure to FTX was $10 million.

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In addition to this, he disclosed that the former had recovered $990 million from the problematic exchange, pointing out the fact that fund transfers between competitors are crucial in this industry. It is important to know that in August this year, the company was approved by the United Kingdom’s Financial Conduct Authority (FCA).

Notably, the failure of the US-based exchange FTX caused a widespread panic with many crypto market participants worried that other trading venues might have liquidity gaps and ultimately follow the path of the troubled business. Sequoia has recently cleared that the fund the firm manages has not been impacted in any way by its investment in FTX.

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