As the shell-shocked crypto sector continues to reckon with the shrapnels of FTX’s implosion, more exchanges have been attempting to prove their reserves can withstand the types of bank runs that dragged Sam Bankman-Fried’s bankrupt company into ruin.
The latest addition to this list is Crypto.com, a digital asset exchange based in Singapore.
The company released audited proof of reserves on Friday that indicates customers’ crypto assets are backed 1:1 on the platform. Audit was performed by Mazars Group, an internationally based firm.
The exchange says,
“Mazars Group compared the assets held in on-chain addresses proven to be controlled by Crypto.com with customer balances through an auditor-overseen live query of a production database as of Dec 7th.”
Top crypto exchange Binance released its Bitcoin (BTC) proof of reserves in late November, and Coinbase publicized its king crypto reserves earlier that month.
In the recent months, Crypto.com was facing its own public headwinds due to the ongoing digital asset bear winter. In June, CEO Kris Marszalek said on Twitter that the exchange had plans to lay off 260 people, or about 5% of the company’s workforce.
Crypto.com was spotted by digital asset sleuths last month after it transferred approximately 285,000 Ethereum (ETH) to Gate.io. The transaction was worth more than $347 million and was returned.
Marszalek said that the transaction was an error.
“It was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address. The funds were returned to our cold storage after we worked with Gate team. New process and features were implemented to prevent this from reoccurring.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check out the Price Action
Follow us on Twitter, Facebook Telegram
Surf The Daily Hodl Mix
 
Disclaimer: The Daily Hodl opinions are not intended to be used as investment advice. Before making high-risk investments, such as in Bitcoin, cryptocurrency, or other digital assets that could be potentially dangerous, investors should do their research. Your transactions and losses are your responsibility. The Daily Hodl doesn’t recommend any cryptocurrency or digital asset trading. The Daily Hodl does not participate in affiliate marketing.
Featured Image: Shutterstock/Yurchanka Siarhei/Mingirov Yuriy