The disaster caused by FTX, which went bankrupt due to a liquidity crisis, has tightened the nerves of the entire currency circle. Everyone is afraid that the next black swan will appear again, so they are particularly concerned about the flow of funds in cryptocurrency exchanges. Someone posted on Twitter that through on-chain transactions, they found that Crypto.com sent 320,000 ETH to the wallet of another exchange Gate.io on October 21. The amount was 80% of their ETH reserves, and then about 5 Later, Gate.io transferred approximately 285,000 ETH back to Crypto.com's wallet in batches. Since the company emphasized that user deposits were placed in cold wallets, the author was confused about this operation and raised it publicly.

Anyone know why t.co/2vZHyCaKNe would send 320k ETH (82% of their ETH today) to t.co/bVgf3bCqwp on October 21? pic.twitter.com/2E1NxX1pJz

— Conor (@jconorgrogan) November 12, 2022

About five hours after the tweet was posted, Crypto.com CEO Kris Marszalek responded to clarify that this was just an operational error. The amount was originally planned to be transferred to a new cold wallet, but was accidentally transferred to an external wallet in the whitelist. The relevant funds have been transferred back to their own cold wallet in coordination with the Gate team, who said they have implemented new operating procedures to prevent similar things from happening again.

It was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address. We worked with Gate team and the funds were subsequently returned to our cold storage. New process and features were implemented to prevent this from reoccurring.

— Kris | Crypto.com (@kris) November 13, 2022

This article Crypto.com will send 80% of its ETH reserves to Gate.io? CEO Kris: I just accidentally sent it by mistake and I have got it back. First appeared on Blockchain.