“Balance Sheet Strong”- Crypto[.]com CEO Refutes Financial Troubles

Crypto.com, a Singapore based cryptocurrency exchange is dealing with the spiked speculations of financial troubles after the collapse of FTX. This uncertainty has led to a drop in its native crypto, Cronons. However, its CEO has come forward to reassure the investors.

Crypto.com not exposed to risk?

Kris Marszalek, Crypto.com CEO took questions in a pre-announced live streaming AMA. He mentioned that the firm will prove all the critics wrong over the rumors of being in financial trouble. He assured that the company holds a robust balance sheet and is not exposed to risks.

Coingape reported that Crypto.com saw a massive investors’ withdrawal over some cryptic transactions. However, CEO also admitted the mishandling of $400 million worth of Ethereum. The transfer went to the wrong account of another exchange.

However, Marszalek in the AMA mentioned that there are many speculations running the social media over the past couple of days. He added that the exchange maintained reserves to back the token customers held. The exchange will continue to maintain that.

In order to regain the investors’ confidence he stated that an audit proof of reserves report will be published ahead. This will clear out the speculations of exchange not engaging in any ‘irresponsible lending products”.

ETH recovered by exchange

Crypto.com CEO informed that they sent Ethereum as recovered but failed to calm the crypto market. Coingape reported that Crypto.com’s native crypto, Cronos price has dropped by a massive 50% in the last 7 days.

He further added that at no point funds were at risk. It happened three weeks ago and it has nothing to do with the ongoing FTX crisis.

Since the AMA, the Cronos token price has surged to recover from the past drop. CRO price is up by 10% in the last 24 hours. It is trading at an average price of $0.071, at the press time.