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.
“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.”