- Crypto.com CEO Kris Marszalek has responded to critics of his platform by saying that he will “prove them all wrong”
- Marszalek has come under fire after the exchange mistakenly 320,000 ETH to the wrong address
- Marszalek added that the company’s exposure to FTX was just $10 million
The CEO of Crypto.com vowed yesterday to “prove them all wrong” amid rumors of insolvency and allegations of mismanagement. Crypto.com has come in for criticism in the wake of the FTX scandal, with news breaking over the weekend that it had accidentally sent 320,000 ETH to fellow exchange Gate.io and kept quiet about it, while others worried about the platform’s exposure to FTX. Kris Marszalek reassured users that Crypto.com’s exposure was minimal, while adding that the ETH was never at risk of being lost.
320,000 ETH Was Never “At Risk”
Marszalek and Crypto.com have come in for criticism on several fronts in recent days, leading to the CEO conducting an AMA last night to ease any fears users might have. In the AMA he addressed the ETH send, saying that, “At no point were the funds at risk of being sent somewhere they could not be retrieved.”
Marszalek added that the mistake “had nothing to do with any of the craziness from FTX”, but it doesn’t address the fact that $400 million worth of assets, potentially including user funds, could be mis-sent in the first place. The kinds of checks that exchanges have in place should have caught such an error long before it was submitted.
AFL Sticks by Crypto.com
Marszalek added that Crypto.com’s exposure to FTX was limited to $10 million, adding that the company managed to recover $990 million from FTX, saying that fund flows between rivals are essential in the sector.
The Australian Football League has already given Crypto.com a boost by saying last night that it had no intention of backing out on its sponsorship deal with the exchange.
