FTX’s free fall is dragging down the entire crypto ecosystem. Serious doubts began to hang over other exchanges, especially Crypto com. But some are good, and the CEO of the exchange announced the good news in his AMA on Youtube.
While every day reveals bad news and where the crypto ecosystem is slowly falling because of FTX and its CEO Sam Bankman-Fried, all platforms should no longer be exposed to the cursed and condemned exchange, the his absence.
FUD on the networks is starting to pick up steam about Crypto Com, as it is next on the list after FTX.
Doubts began to appear, especially because of exchange cash comprising 20% of SHIBA, a popular crypto is just a “shitcoin”.
“The reason our evidence of reserves includes Shiba is that we maintain our client’s balance of 1:1. So our evidence of reserves is driven by our clients’ assets,” a Crypto spokesperson said. .com told CoinDesk. “In an ideal world, we would want the best assets to be the most valuable, but shiba and dogecoin both have very high market caps.”
Kris, CEO of Crypto.com
However, Crypto.com’s CEO went live on Youtube, doing an AMA (Ask Me Anything).
In this video, he explains that the exchange was sent by mistake 320,000 ETH to Gate.io, but Gate.io returns them to the sender.
Find the full Crypto.com CEO AMA on Youtube here.
If rumors and doubts point to the exchange, everything is fine and seems under control.
During his Youtube AMA, Kris also explained that it was sent to 1 billion dollar amount of stablecoins on the cursed FTX platform.
Fortunately, it was completely cured.
” […] A billion dollars was transferred to FTX, but we got it all back. We had an exposure of less than $10 million (when the platform collapsed)”
Crypto.com’s Stablecoin Pool Down 90%
According to Crypto Quant sources, the stablecoin reserve on the Crypto.com exchange is said to have fallen by up to 90%.
It went from $2.9 billion to $292 million, ie -90% in the last 7 months.
The CEO of Crypto.com, who has no intention of losing the war against FUD, explains it himself CNBC interview :
” Crypto.com sits a large portion of our own capital held in USD and stablecoins on top of the 1:1 reserves we hold for client funds.”
CEO of Crypto.com
So, things seem to be going well for Crypto.com and are under control. However, be careful and do not expose yourself to danger, another descent into hell like FTX can happen for another crypto platform.
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