Crypto.com CEO Explains Huge $347,000,000 Ethereum (ETH) Transfer Amid Bid for Reserve Transparency

Crypto.com CEO Explains Huge $347,000,000 Ethereum (ETH) Transfer Amid Bid for Reserve Transparency


Crypto.com CEO Kris Marszalek has addressed a huge transfer of Ethereum (ETH) from the exchange’s wallet that was noticed by on-chain sleuths.

According to Etherscan data, about 285,000 ETH worth over $347 million was sent from Crypto.com’s wallet address to Gate.io, another crypto exchange, before being sent back.

Marszalek says that the transfer was a mistake, and the ETH trove was meant to be sent to a cold storage wallet but ended up at Gate.io.

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“It was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address. We worked with Gate team and the funds were subsequently returned to our cold storage. New process and features were implemented to prevent this from reoccurring.”

According to

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