The Chief executive officer K. Marszalek stated that the company has less than ten million dollars in FTX and has recovered the majority of its funding.
CEO of Crypto Dot Com mentions where $1 billion in stable coin was directed to FTX. Users participated in an Ask Me Anything (AMA) session on November 14, CEO of Crypto.com K.Marszalek stated that he was having problems with customer orders’ liquidity. He informed that he had sent out a sizable number of stable coins to the FTX crypto trading platform.
FTX continued to function
The CEO of Crypto stated that they received the entire $1 billion that was transferred to FTX in a year. The trading platform was closed when we had less than $10 million.
Users were reassured by Marszalek that the exchange was still able to withdraw money during the session. However, there is a backlog of customer service requests as the volume of requests rises.
The CEO of Crypto then declared that just 3 tokens, 2 of them are FTX coins and one of which is a security coin, have been suspended from withdrawal on the exchange as of right now.
Accusations that the trading service was utilizing its own CRO token as security for loans were also refuted by Marszalek. He stated that the company team didn’t need such measures, indicating that the trader has a really easy system that brings in decent income. And the organization will instead concentrate on its own path.
The system details
Finally, Marszalek responded to an individual query by stating that the Shiba Inu Meme coins (SHIB) that make up about twenty percent of the trader’s deposits are merely client’s wallets. It happens that the meme coins were very well-liked last year, and users were purchasing them in large quantities.
Following the FTX crash, Crypto.com experienced a withdrawal overflow similar to that experienced by many other exchanges. After it was found out that the trading platform unintentionally sent more than three hundred thousand Ethereum to Gate and then immediately returned the funds, the company became the focus of numerous conspiracy theories on Twitter.