After FTX, Crypto.com’s CRO Is Down 50% Due to Massive Withdrawals

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• The native token of crypto.com Cronos(CRO) went down to a 22-month low.
• Withdrawals were triggered after CEO admitted to mishandling a $400M transaction.
• Binance CEO Zhao also suggested users to “stay away” after Marszalek’s confession.

On Monday, the native crypto of Crypto.com, Cronos, went down to a 22-month low. The plunge comes at a time when centralized exchanges have been on the radar since the crash of the leading crypto-exchange, FTX.

Cronos(CRO) went down 28% to $0.0557, and is nearly down by 50% over the past week. The drop was a ripple effect arising from investors fearing a potential liquidity fate like that of FTX. Currently, CRO is trading at $0.0742.

The sudden frenzy took place as investors started withdrawing their assets over the weekend after the firm’s CEO, Kris Marszalek admitted to mishandling a $400 million transaction. An on-chain data revealed that the firm had sent nearly 82% of its Ethereum reserves to a wallet linked to Gate.io in October. However, Marszalek later assured users that their funds are safe.

Even though the funds were later recovered, investors accused the firm of its false claims that all user funds are held offline in cold wallets.

Moreover, the exchange recently disclosed that 20% of its reserves were in the meme-coin Shiba Inu, thus further irking investors. The disclosure was made shortly after FTX was found mishandling users’ funds and being unable to meet withdrawals.

Binance CEO Changpeng Zhao also took a dig at the explosive revelation and suggested users to “stay away.”

Crypto.com announced that their CEO will go live on Youtube to address all doubts and speculations around the ‘transactions’ reported by the firm.FTX’s bankruptcy has caused a lot of damage to the market even while it was struggling with the bearish trends. Crypto lender BlockFi too suspended withdrawals due to its exposure to FTX.

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