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Crypto.com accidentally sends 320k ETH to Gate.io, recovers funds days after

Published 11/13/2022, 12:05 AM
Updated 11/13/2022, 02:00 AM
Crypto.com accidentally sends 320k ETH to Gate.io, recovers funds days after

Crypto.com accidentally sends 320k ETH to Gate.io, recovers funds days after

The fall of FTX highlighted the importance of proof of reserves in averting risks and improving investor confidence, urging leading crypto exchanges to publicly list down their cold and hot wallet addresses. When trying to confirm the availability of funds on Crypto.com, cold store information revealed a suspicious transfer of 320,000 Ether (ETH) to a wallet address linked to Gate.io on Oct. 21, 2022.

On chain data confirms the transfer of 320,000 ETH from Crypto.com to Gate.io. Source: Etherscan

Community member @jconorgrogan raised concerns about the transfer of 320,000 ETH from Crypto.com’s cold wallet to Gate.io, considering that the former claims that 100% of user-owned cryptocurrencies are held offline in cold storage in partnership with hardware wallet provider Ledger.

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