After spending the following weekend in hot water following <a href="https://www.cryptoknowmics.com/news/former-huobi-ceo-leon-li-offers-14m-loan-to-cover-funds-locked-in-ftx">FTX's</a> petition for Chapter 11 bankruptcy protection, <a href="https://www.cryptoknowmics.com/news/crypto-com-commits-proof-of-reserves-after-halting-deposit-and-withdrawal">Crypto.com</a> CEO Kris Marszalek went online to respond to urgent inquiries from the industry.

A user <a href="https://crypto.com/company-news/transparency-first" target="_blank" rel="nofollow noopener">disclosed</a> 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.
<h2>Crypto.com Delivered Stablecoins to FTX</h2>
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.

https://twitter.com/TraderWize/status/1591907299215704065

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.

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

According to the Crypto.com CEO, the exchange offset some clients' orders since FTX was one of the only exchanges with adequate liquidity.

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

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