Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

After FTX, Crypto.com’s CRO Is Down 50% Due to Massive Withdrawals

Published Nov 14, 2022 04:24PM ET Updated Nov 14, 2022 04:30PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
After FTX, Crypto.com’s CRO Is Down 50% Due to Massive Withdrawals
 
ETH/USD
-1.49%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SHIB/USD
-0.10%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

  • The native token of crypto.com Cronos(CRO) went down to a 22-month low.
  • Withdrawals were triggered after CEO admitted to mishandling a $400M transaction.
  • Binance CEO Zhao also suggested users to “stay away” after Marszalek’s confession.

On Monday, the native crypto of Crypto.com, Cronos, went down to a 22-month low. The plunge comes at a time when centralized exchanges have been on the radar since the crash of the leading crypto-exchange, FTX.

Cronos(CRO) went down 28% to $0.0557, and is nearly down by 50% over the past week. The drop was a ripple effect arising from investors fearing a potential liquidity fate like that of FTX. Currently, CRO is trading at $0.0742.

The sudden frenzy took place as investors started withdrawing their assets over the weekend after the firm’s CEO, Kris Marszalek admitted to mishandling a $400 million transaction. An on-chain data revealed that the firm had sent nearly 82% of its Ethereum reserves to a wallet linked to Gate.io in October. However, Marszalek later assured users that their funds are safe.

Even though the funds were later recovered, investors accused the firm of its false claims that all user funds are held offline in cold wallets.

Moreover, the exchange recently disclosed that 20% of its reserves were in the meme-coin Shiba Inu, thus further irking investors. The disclosure was made shortly after FTX was found mishandling users’ funds and being unable to meet withdrawals.

Binance CEO Changpeng Zhao also took a dig at the explosive revelation and suggested users to “stay away.”

Crypto.com announced that their CEO will go live on Youtube to address all doubts and speculations around the ‘transactions’ reported by the firm.FTX’s bankruptcy has caused a lot of damage to the market even while it was struggling with the bearish trends. Crypto lender BlockFi too suspended withdrawals due to its exposure to FTX.

The post After FTX, Crypto.com’s CRO Is Down 50% Due to Massive Withdrawals appeared first on Coin Edition.

See original on CoinEdition

After FTX, Crypto.com’s CRO Is Down 50% Due to Massive Withdrawals
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Jay Garrelts
Jay Garrelts Nov 14, 2022 4:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fartcoin to the rescue
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email