Recognized Bitcoin Exchange Has Stopped These 3 Altcoin Processes!

In the wake of FTX’s collapse, speculation has risen that other Bitcoin and altcoin exchanges will go bankrupt. Crypto.com is currently facing the biggest buzz as it accidentally transferred nearly $400 million worth of Ethereum to a whitelisted Gate.io address instead of a new cold storage address. Here are the details…

Concern for Bitcoin and altcoin exchange Crypto.com

Nearly 90,000 unique transactions were made on the exchange in the last 24 hours. This shows that customers are trying their best to withdraw their money from the stock market. It also shows that people are losing confidence in the stock market. Altcoin Daily, a well-known YouTuber and crypto analyst, gave information to 1.26 million Youtube subscribers about how users reacted. He decided to take up this issue. He also underlines the points shared by the company’s CEO, Kris Marszalek, during the question and answer session.

First, it talks about users who have voiced their analyst fuss. First of all, he talks about Martini Guy YT, who explained that 24 hours have passed since Crypto.com’s request to withdraw 2 BTC and he still has not withdrawn his coin. The user also says that the company may have gone bankrupt. The host then discusses the many unanswered questions that CEO Kris Marszalek raised in his last Q&A session with Crypto.com’s CMO Steve.

Withdrawal processes stopped for these altcoins on Crypto.com

The first question was whether Crypto.com stopped withdrawal processes. Kris quickly denied this allegation and said they were working as usual. He also argued that the activity on the platform has increased, which means more income with the increasing process volume. Kris explained that the firm has stopped withdrawals in only three coins: Gala, SRM and Array. The next precious question posed to Kris is, “How did the $400 million ETH dump get transferred to the wrong wallet?” it happened.

The CEO said that every address to which funds were transferred is whitelisted. He explained that in the event of a random mistake, the systems will ensure that the funds are returned. He admitted the mistake and assured the audience that Gate.io returned all the money. Subsequently, Kris was asked probably one of the most critical questions on everyone’s minds: Is the stock market experiencing financial difficulties? He expressed his answer to this thesis as follows:

These comments have been made for several years and all I can say is we will do what we always do. We will prove people wrong by our actions, not our words.

The CEO also explained his ties to FTX

He was also asked to explain why his firm holds more SHIB than ETH – another worthy cause for panic for investors. “We stored one-on-one and everything the customer bought,” the CEO said. Last year people bought more DOGE and SHIB coins and they still hold it. Therefore, as long as our users hold it, we will be holding it.” Additionally, the CEO clarified his contacts with the bankrupt crypto firm FTX as Crypto.com has less exposure to FTX and has a solid balance sheet.

Last week, the FTT token wiped out billions of dollars from the crypto market, and its influence now seems to be spreading to other cryptocurrencies as Crypto.com’s native token Cronos (CRO) has witnessed massive withdrawals in the last 24 hours. As it is known, the CRO fell below the $0.08 support. It’s changing hands at $0.0757 at the time of writing. Although it has risen 10 percent in the last 24 hours, the coin has lost 40 percent in a week.

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