Following the shocking collapse of FTX, and the mistaken transfer of $400 million worth of ETH to Gate.io, Crypto.com, and Cronos are under intense scrutiny from users experiencing intense fear, uncertainty, and doubt.
The ETH transfers that generated so much FUD & speculation on Twitter today were made over three weeks ago, on October 21st to https://t.co/pFc4Pz9nFR’s whitelisted corporate account at https://t.co/Mr9GCkL2gV.
— Kris | Crypto.com (@kris) November 13, 2022
The recent developments point toward Crypto.com being next in line to go the FTX way, as its customers are very concerned after CEO Kris Marszalek acknowledged a mistake. On the 13th of November 2022, he claimed to have accidentally sent $400M in Ethereum to a public address registered at a competitor exchange, Gate.io, and this mixup has led to its token, Cronos, falling by 50%. Which raises doubts over the exchange’s transparency.
Blockchain records on Etherscan show that on October 21, Cryptodotcom sent a sum totaling around 80% of its total ETH reserves, to Gate.io.
Nobody could have predicted that at the end of 2022 we would witness the fall of so many great crypto exchanges, including the ones which appeared to be the most stable. This has left several crypto enthusiasts and investors trying to predict which exchange would eventually survive.
Regarding the recent FUD that continues to plague Cryptodotcom, MtaRyuk had quite a lot to say as he went ahead on Twitter on Sunday 13th November 2022 to share his thoughts.
Regarding the recent fud against Crypto dotcom (CDC), here's my thoughts…
Binance wants to do (in terms of providing services) what Cronos have done and are doing. However, in order to see itself as innovative, it must not be seen as a copycat.
— 🍆🤏😁 (@metaryuk) November 13, 2022
He stated that Crypto.com is a company that has prioritized the security and Data privacy of its users. over the years, Binance being at the forefront of several attacks. He went on further to say that The CEO of Binance has a vendetta against Crypto.com because it could very well be viewed as a strong competition, but MtaRyuk believes that despite the ongoing FUD and efforts to bring Crypto.com down, it will continue to develop and will emerge as one of the key players in the industry.
This is because, not only has Crypto.com created DeFi wallets, it has allowed users to have full control of their assets. This would greatly mitigate possible outcomes similar to FTX.