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HomeNewsAccidentally, Crypto.com sends 320k ETH to Gate.io, recovers funds a few days...

Accidentally, Crypto.com sends 320k ETH to Gate.io, recovers funds a few days later

Recently reporting they mistakenly send $400M in Ethereum to the Wrong Address by crypto.com. After the news of FTX being down, everyone is looking at other exchanges closely.

The fall of FTX highlighted the significance of evidence of reserves in keeping off dangers and enhancing investor confidence, urging main crypto exchanges to publicly list down their cold and warm wallet addresses. When seeking to verify the provision of funds on Crypto.com, bloodless save records revealed a suspicious switch of 320,000 Ether to a wallet deal connected to Gate.io.

Etherscan shows the transaction as follows, It’s on Oct. 21, 2022. And the number 320K ETH is 80% of their total ETH reserves.

The CEO of the crypto.com sys,

“It was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address.”

Onchain data shows Gate.io sent 285K ETH back to Crypto.com & the missing 35,000 ETH was sent to a different address, which is yet to be confirmed by the crypto exchange.

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