98% of Pending Withdrawals on Crypto.com Have Been Completed

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Last Updated on November 15, 2022 by Bitfinsider

In the midst of the ongoing FTX disaster, the CEO of Crypto.com tweeted about his company’s withdrawal problems. The CEO states that the withdrawal line has dropped by 98% over the last 24 hours.

In the most recent tweet, he also praises his team’s tenacity and attempts to keep the blockchain infrastructure running smoothly despite pressure. Additionally, one whale particularly claimed that his request for a Bitcoin withdrawal had been delayed for 24 hours before to this statement.

Due to worries about the Singapore-based Crypto.com spread following the abrupt demise of rival exchange FTX, digital currency traders are on alert. However, a number of reports indicate that the number of withdrawals has increased after the CEO acknowledged having issues with departures.

Withdrawals on Crypto.com function properly

The CEO of Singapore-based cryptocurrency exchange Crypto.com, Kris Marszalek, vowed to refute any assertions that the platform is having financial difficulties, has a solid balance sheet, or hasn’t taken any risks.

CEO Marszalek noted that the website always retained reserves to match every currency consumers owned on its platform during a live Q&A session on YouTube on Monday. Marszalek said that withdrawals from the forum are functional and would remain effective in an effort to soothe markets that had been frightened by the unexpected bankruptcy of rival FTX.com.

After FTX’s bankruptcy filing late last week, markets are now concentrating on the health of other cryptocurrency exchanges, such as Crypto.com. The value of the company’s native CRO coin has decreased by 45% during the past week, according to CoinGecko figures.

Marszalek claims that Crypto.com never put CRO up as loan collateral. He claims that the company has approximately 70 million customers and that its reserves cover all assets and liabilities one to one.

FTX’s demise

Sam Bankman-Fried’s FTX filed for bankruptcy on Friday after a week of customers surrendering assets and Binance withdrew a rescue offer. The Department of Justice and the Securities and Exchange Commission are investigating Bankman-Fried and his company. The investigations are likely centered on the potential that the company violated US securities law by utilizing client money to make bets at Bankman-Fried’s hedge fund, Alameda Research.

For Bankman-Fried, the demise of FTX was a surprising turn of events. A personal fortune estimated to be worth close to $17 billion was amassed by the 30-year-old founder of FTX, who supervised its expansion to become one of the largest cryptocurrency exchanges. FTX was created in 2019 by the individual. In January, investors including SoftBank and BlackRock valued FTX at $32 billion.

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