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Cryptocurrency (Updated)

Withdrawals rise at Singapore-

based Crypto.com after FTX
meltdown — WSJ  MOST READ MOST WATCHED

Surin Murugiah / theedgemarkets.com

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Withdrawals rise at
Singapore-based Crypto.com
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KUALA LUMPUR (Nov 14): Customers pulled funds from Branded Content

Crypto.com over the weekend after the company’s chief

executive said the cryptocurrency exchange mishandled a
roughly US$400 million transaction.

In a report on Sunday (Nov 13), the Wall Street Journal (WSJ)

reported that Crypto.com chief executive Kris Marszalek said on
Twitter the transfer was sent to the wrong type of account on
another exchange. PETRONAS paving the way to net-zero carbon F
emissions by 2050 L
It said the transfer of a large chunk of ether, a popular t
cryptocurrency, took place on Oct 21, but came to light after
Twitter users agged the transfer as unusual, based on publicly Sale S ale S ale
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Concerns about Singapore-based Crypto.com spread across the Puchong
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internet over the weekend, with prominent digital-currency Bedrooms Budget
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Cryptocurrency traders are on edge following the quick collapse S ale S ale S ale
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Sungai Buloh

of FTX, which went from one of the most trusted exchanges to MBAM ba g s Na t iona l
Cheras Shah Alam Shah Alam OccupaPuchong
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Sa f e t y
bankrupt in the course of a week. S ale S ale S ale S alea nd He
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WSJ said Changpeng Zhao, chief executive at Crypto.com’s larger Kha lid ple d g e s t o
r e solve housing issue s,
peer Binance, appeared to question the nature of the transfers a ba nd one d pr oje ct s in…

without naming the company, which may have fueled Sunday’s NEWS

withdrawals, according to crypto industry players.

“If an exchange [has] to move large amounts of crypto before or

after they demonstrate their wallet addresses, it is a clear sign of
problems,” Zhao tweeted Sunday.

The value of Crypto.com’s own cryptocurrency sank roughly 20%

Sunday from the prior 24 hours. It traded near six cents apiece.

Marszalek dismissed the concerns about Crypto.com, tweeting

later on Sunday that the October transfers had “generated so
much [fear, uncertainty and doubt] & speculation on Twitter”
weeks later.

A spokesman for Crypto.com said that the platform was seeing

higher levels of activity, noting that it had assets fully matching
customer deposits.

“Fluctuations in deposit and withdrawal activity does not a ect

our levels of service,” he added.

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