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Gungun Bhatia
Nov 14, 2022
by Gungun Bhatia

Crypto.com CEO Asserts FTX Exposure Was Limited to $10M

Crypto.com FTX

Table of contents

  1. Crypto.com Delivered Stablecoins to FTX
After spending the following weekend in hot water following FTX's petition for Chapter 11 bankruptcy protection, Crypto.com CEO Kris Marszalek went online to respond to urgent inquiries from the industry.

A user disclosed a reportedly unintentional transfer of $4 million to a fully updated external exchange address on Friday, prompting users to withdraw money after the platform released cold wallet addresses for its main assets in an effort to boost transparency.

Crypto.com Delivered Stablecoins to FTX

On Twitter, there were additional worries that Crypto.com had delivered $1 billion worth of stablecoins to FTX. Marszalek responded to these worries via a YouTube live stream. They said over a year, $1 billion shifted to FTX. They retrieved all of this. When FTX stopped down, the exchange was only exposed to $10 million.

According to the Crypto.com CEO, the exchange offset some clients' orders since FTX was one of the only exchanges with adequate liquidity for some currencies. He noted that throughout 2021 and 2022, Crypto.com made $1 billion in income. Additionally, they stated that an independent audit report should be anticipated in the upcoming weeks in order to demonstrate Crypto.com's complete one-to-one reserve coverage.

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stablecoins FTX Kris Marszalek Crypto.com
Crypto.com CEO Asserts FTX Exposure Was Limited to $10M
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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