Again Crypto.com Makes Mistake and Accidentally Sends 320K ETH to Gate.io

It is surprising and shocking once again that Crypto.com sends 320K ETH to Gate.io accidentally. How many times can the crypto exchange make mistakes sending funds? People think crypto exchanges are big guys using a higher level of protection of crypto holdings. What they are doing is proof of how careless they are.

There is a concern about the crypto exchange's mismanagement of funds. So every cryptocurrency exchange is trying to show they have the funds that they are supposed to have so that it can regain the confidence of users. There are suspicious transactions on crypto.com's cold wallet.

Noticing a transfer of 320K ETH from the crypto.com cold wallet to the Gate.io wallet raises the question. Crypto.com CEO Kris Marszalek said that they wanted to send the ETH to a new cold store address, but sends it to an external address.

Do you think that is just a mistake or they did do that intentionally? Later Crypto.com CEO Kris Marszalek confirmed that Gaite.io sends the ETH back to crypto.com cold storage wallet. It's not over yet.

Only 285K ETH returned to Crypto.com cold wallet, so what happened to the rest of 35K ETH? It did not return to the same wallet address, instead, it was sent to a different wallet address that is not confirmed by crypto.com.

Last year crypto.com made a similar mistake and sent AUD $10.5 million to a woman when they were supposed to pay only $100. The most shocking thing is, crypto.com made this mistake in May 2021 and found out about it in December 2022.

Who knows how many mistakes the crypto exchange made this year? And they may find it out next year which might never reveal in public. What FTX did with customers' funds violating their own terms and conditions, that's unbelievable. In spite of saying FTX is fine, FTX CEO Sam Bankman-Fried has to declare bankruptcy.

It did not stop there. FTX got hacked and there was an attempt to erase and change of record. So what happened to FTX CEO so far? Maybe he's traveling and having a good time.

It seems we will see more drama in crypto in the future. So sit back and get ready to see more drama. When you think it's over, it just gets started.

So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.

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