The overall industry is currently facing a decisive point in time. Transparency is more crucial than ever before, and the safety and protection of users and their funds remain the top priority. It takes joint and undivided dedication. In wake of the FTX liquidity crunch and the near-acquisition by Binance, Kris Marszalek of Crypto.com gave his community his word that his network will provide complete transparency regarding asset holdings.
On November 11, Crypto.com created a new page titled “Transparency First” that provides comprehensive information regarding its on-chain activity for its wallet addresses. To this purpose, Crypto.com disclosed the cold wallet addresses for some of the platform’s most valuable assets.
Crypto.com was of the opinion that it ought to be mandatory for cryptocurrency platforms to disclose proof of their reserves. The site has indicated that it is already trying to acquire the services of a credible auditor to evaluate and publish Crypto.com’s proof of reserves, and it is in the process of doing so right now.
Complete Details Of Crypto.com Wallet Addresses
In order to maintain complete openness and transparency throughout the audit preparation process, Crypto.com has disclosed the cold wallet addresses for some of the most valuable assets that are traded on its platform. This only accounts for a portion of Crypto.com’s entire reserves, which amount to approximately $3 billion when coupled with other assets and consist of 53,024 BTC, 391,564 ETH, and other assets.
It was stated by the platform that regaining trust in Crypto.com’s category would take some time, but it is Crypto.com’s responsibility to convey to the world in a clear and convincing manner that there are trustworthy cryptocurrency platforms. The platform informed its users that they should anticipate a full audited Proof of Reserves from Crypto.com within the next few weeks. This Proof of Reserves will confirm that a full 1:1 reserve has been established for all customer assets.
BTC Wallet Addresses List:
ETH, ERC20, & Other Wallet Addresses List:
Crypto.com To Publish Audited Proof of Reserves
In the wake of the collapse of competitor FTX, the CEO of the cryptocurrency exchange Crypto.com, Kris Marszalek, is the latest cryptocurrency company CEO to make the promise to reveal “audited proof of reserves.” Talking about it, Marszalek said:
“We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves and Crypto.com will be publishing our audited proof of reserves. Restoring trust in our category will take time, but it’s incumbent on us to send a strong message to the world that there are trustworthy crypto platforms.”
In the aftermath of the FTX liquidity debacle, the idea of cryptocurrency companies publishing their Proof of Reserves has gained support as a potential solution. The CEO of Binance, Changpeng “CZ” Zhao, made a commitment on November 8 to launch a Proof of Reserves audit system, which will provide the public with information regarding the status of their reserves. As part of its ongoing commitment to transparency and building trust within its ecosystem, Binance has made public its cold and hot wallet addresses.
On November 9, Crypto.com temporarily stopped withdrawals and deposits of USDC and USDT on the Solana network. The statements made by the CEO of Crypto.com come only hours after the exchange took this action. It was stated that Crypto.com warned its users through email on November 9 of an “Immediate suspension of UDSC and USDT Deposits and withdrawals on Solana.” The email had been circulating on Twitter before it was made public.
In the email, the cryptocurrency exchange reassured its customers that they would still be able to withdraw USD Coin (USDC) and Tether (USDT) at any time using other supported networks, such as Cronos and Ethereum. This led the platform to infer that the other named networks had not been hindered by “recent industry events.”
The information that withdrawals and deposits of USDC and USDT had been temporarily halted on the Solana network was later confirmed to be accurate by Crypto.com. The exchange further stated that within the next two weeks, any unreceived deposits of these two tokens over Solana would be reimbursed free of charge, regardless of whether or not the deposits were for Solana. Meanwhile, the platform did not agree to share any further information on the matter.
Rising Fear And Uncertainty In The Crypto Market
As a consequence of the collapse of the cryptocurrency exchange FTX, the cryptocurrency markets have been in a state of panic for the previous 96 hours. The price of FTX Token (FTT), the native token of competing exchange FTX, dropped precipitously after CZ declared on November 6 that it intended to liquidate the entirety of its stake in FTX Token. This caused a bank run and sent the price of FTT tumbling.
On November 8, a surprising turn of events took place when the CEO of Binance revealed that his company had signed a non-binding Letter of Intent with the intention to fully acquire FTX.com and assist in covering the liquidity shortfall. The CEO also emphasized that nothing was put in stone, as they were “assessing the situation in real time” and had the ability “to pull out from the deal at any time.”
A little less than 48 hours later, the CEO made the announcement that they had completely withdrawn from the deal. As these most recent events have unfolded, they have produced a drastic impact on the markets, particularly those markets that have links to FTX and the businesses that are tied to it.