Following the FTX exchange collapse earlier this month, rumors spread across the crypto community that the Singapore-based crypto firm has $1 billion exposure to FTX, however, the CEO of Crypto.com has cleared the air in an interview, which according to him, the exposure is minimal.
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Crypto.com Denies $1 Billion Exposure to the Troubled FTX
As per a recent live interview hosted on the Crypto.com Youtube channel, the CEO of the crypto firm CEO Kris Marszalek said he expects a tough winter but his firm is not going anywhere, this is a part of his attempt to address public concerns about whether or not the firm truly has significant exposure to bankrupt FTX exchange.
According to Marszalek, Crypto.com had already recovered $990 million out of its $1 billion in FTX exchange before its collapse, therefore, its exposure is limited to $10 million, he, however, stressed that the firm’s balance sheet is strong.
Also, there was an investor concern about an Ether transfer worth $400 million to the Gate.io exchange on October 21st. In response, the Crypto.com chief executive said the Gate transfer was due to human error, and all funds have since been recovered.
Withdrawals are working on the platform as noted by Marszalek, only GALA, Ray, and SRM are not available for withdrawals.
“SRM is closely tied to FTX,” he said.
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