Crypto.com Steps into the Spotlight
In a recent AMA session on November 14th, Kris Marszalek, the CEO of Crypto.com, took the virtual stage to address pressing concerns from users regarding the ongoing turmoil in the crypto world following the collapse of FTX. Imagine being in Marszalek’s shoes, having to explain the ins and outs of a multi-billion dollar operation while knowing that the words you choose might send waves through the crypto community.
Liquidity Moves: Playing Poker with Stablecoins
Marszalek revealed some high-stakes moves, stating that over the past year, a whopping $1 billion was transferred to FTX to maintain liquidity for customer orders. Yes, you read that right—$1 billion! But fear not, dear readers, Marszalek assured that when FTX waved its white flag, Crypto.com only had exposure of under $10 million. “It was one of the few trading venues offering decent liquidity,” he explained, sounding more like a poker player recalling a bad beat than an executive navigating a financial minefield.
Withdrawal Woes and Customer Service Backlogs
For those jittery about withdrawals, Marszalek has calming words. No need to hit the panic button just yet: the exchange has not halted withdrawals, although there’s been a slight backlog of customer service tickets due to increased demand. Here’s a silver lining: only three specific coins currently had their withdrawal functionalities suspended, including two of FTX’s own tokens. Talk about keeping the door slightly ajar!
Debunking Myths: CRO as a Collateral?
Amid swirling rumors that Crypto.com was using its native token, Cronos (CRO), as collateral for loans, Marszalek dispelled these misconceptions faster than you could say “crypto conspiracy.” “We’ve never used it. We haven’t needed to use it,” he stated firmly. To anyone who thought otherwise, it might be time to rise from your internet rabbit hole. Crypto.com is simply focused on its core business, which is still generating decent revenue.
The Memecoin Mystery Explained
Lastly, when users questioned why around 20% of Crypto.com’s reserves are tied up in the ever-elusive memecoin, Shiba Inu (SHIB), Marszalek broke it down without the fluff. It turns out that these holdings reflect customer deposits. Apparently, last year’s memecoin madness captured many wallets, and instead of selling, folks simply hold on. “We have no control over what you guys buy. You buy it; we will store it — we will keep it safe,” he remarked, channeling the laid-back vibe of a trusted neighborhood watch rather than a fiery CEO.
Crypto.com in the Age of Chaos
After the FTX collapse, Crypto.com didn’t escape scrutiny. An accidental transfer of 320,000 Ether to Gate.io had tongues wagging with conspiracy theories—but the funds were quickly recovered. Who knew the world of cryptocurrency could feel more like a soap opera every day?
