Coinspeaker
Crypto.com Accidentally Transfers 320,000 ETH to Gate.io
Crypto.com CEO Kris Marszalek revealed that the exchange mistakenly transferred 320,000 ETH to the wrong ETH address. Apparently, the transferred crypto asset was 82% of the exchange’s entire ETH holding in the cold storage. According to blockchain records on Etherscan, Crypto.com accidentally sent the ETH to rival exchange Gate.io just before the latter presented its proof of reserves to users.
Providing proof of reserve as an exchange has become a vital process in the crypto community following the fall of FTX.
Crypto exchanges are now publicly listing their cold and hot wallet addresses, reducing risks and solidifying investors’ confidence. While confirming available funds on Crypto.com, cold store information revealed the transferred asset and identified Gate.io as the recipient. A Twitter user raised concerns about the ETH transfer from Crypto.com to Gate.io. In response, Marszalek explained:
“It was suppo
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