Technology

Crypto.com tries to appease investors in a market rocked by FTX’s bankruptcy

Published on 11.14.2022 at 08:53updated on 11/14/2022 at 08:56

Crypto.com, based in Singapore, has a “very solid balance sheet,” CEO Chris Marsalek assured it. (Photo: 123RF)

SINGAPORE – Crypto.com, one of the world’s leading cryptocurrency exchanges, tried to reassure its investors on Monday after it had to return $400 million transferred by mistake, adding defiance to a market already rocked by the FTX bankruptcy.

Singapore-based Crypto.com has a “very solid balance sheet,” CEO Chris Marsalek assured during a remote live meeting. The platform was able to recover this $400 million transfer that was transferred to the wrong account.

Last week, the cryptocurrency market was rocked by the failure of FTX, which finally announced on Friday that it is placing itself under the protection of US bankruptcy law.

Just 10 days ago, FTX was still considered the second largest cryptocurrency platform in the world, with an estimated value of $32 billion at the beginning of the year.

“Everyone is really shocked by the collapse of FTX,” said Chris Marszalek. This bankruptcy “greatly damaged the reputation of the sector and eroded investor confidence, so in these difficult times we must work to restore that confidence,” he added.

Hanna Yi-Fen Lim, a cryptocurrency legal expert at Nanyang Technological University in Singapore, believes the damage has already been done. “People are now wiser and are quickly realizing the dangers of such volatile investments,” she told AFP, adding that “whatever the explanation, it will not succeed in convincing those who have already lost confidence in cryptocurrencies.”

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.