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Is Crypto.com The Next Crypto Exchange To Get Bankrupted ?

Author: Delma Wilson

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Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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While the crypto market is still recovering from FTX bankruptcy, market experts warn for another exchange to collapse. The Singapore based crypto exchange, Crypto.com reported on Nov 13 that the firm transferred nearly $400 million in Ethereum to a whitelisted Gate.io address instead of a new cold storage address.

Also Kris Marszalek, CEO at Crypto.com confirmed via Twitter that 320,000 cryptos were sent to a whitelisted address connected to Gate.io instead of a new cold storage address. However, though the CEO confirmed that Gate.io has returned all the transferred funds, customers have started withdrawing their funds. Following the event, Binance CEO, Changpeng Zhao has warned investors to stay safe, indicating another exchange’s collapse.

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