Cryptocurrency Exchange Alert From Binance CEO

Many cryptocurrency exchanges have announced that they will switch to a proof-of-reserve system to regain the trust of their customers. Some stock exchange executives announced the amount of assets and wallet addresses of their companies during the week. Recently, Singapore-based crypto exchange Crypto.com officially announced its cold wallet addresses. While analyzing exchange wallets, independent crypto experts uncovered a shocking incident from the past. A name from the crypto community, who shared on-chain data on Twitter with his followers, shared that the Crypto.com exchange recently sent tens of millions of dollars worth of ETH to another exchange “accidentally”.

According to Etherscan data, exactly 320 thousand Ethereums were sent from the cold wallet address of the Crypto.com exchange to the Gate.io exchange. The current monetary value of the ETH tokens sent is $ 400 million. After the million-dollar transfer, the discussion between the crypto community on Twitter flared up. However, Crypto.com CEO Kris Marszalek made a statement about the discussions.

The CEO confirmed the erroneous transaction made by the exchange. Marszalek explained that the exchange accidentally sent cryptocurrencies to a trusted address instead of transferring them to a cold wallet. According to the data, Gate.io exchange returned 320,000 Ethereum to Crypto.com in about 2 weeks. Making a statement after this issue came to light, CZ used the following statements:

“If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away. Stay #SAFU.”

Stating that he would be more forthright about rival companies in the past days, CZ implied that different exchanges might come to the point of bankruptcy in the future. These statements about Crpyto.com after this statement yesterday reveal that CZ is pointing to Crypto.com as the next company to go bankrupt.