Crypto.com and Gate.io will also bite the dust?

[bbc.reporter]

According to some rumors on social media crypto.com sent 320,000 ETH of customer deposits to gate.io on October 21 then gate.io showed this as proof of reserves on October 28. Gate.io sends back 285,000 to crypto.com after this.

https://etherscan.io/tx/0xb426efda7525776e856b414c87ec0d7859e9bccafe727c174c7b51ed7ada6bee

Also, Bitmex listed an FTT perpetual futures contract before the collapse of FTX. This implies that Arthur Hayes speculated on the collapse. If this is true, it appears Arthur Hayes is also speculating on crypto.com's collapse. Bitmex has listed a new CRO perpetual futures contract ready for shorting.

[Rikafip]

Looks like those rumours about crypto.com being in trouble made people massively withdrawing their funds from there as they recently shared the announcement that hey are "experiencing delays with crypto withdrawals due to network traffic" and I saw some people reporting that they have been waiting for 24 hours to get their crypto out. Well, at least I hope that's the reason and not that they are actually insolvent and that's what causing all those delays.

[BitMaxz]

It's pretty bad to hear news daily after the issue happen to FTX now crypto.com. I never use this exchange but I usually see this in sports like a basketball under the floor.

This will never change it is likely the same as what happens to other exchanges in every bear market or when the market is down. I feel like they are making more profit from declaring bankruptcy and making money from insurance.
Then sooner there is a newborn exchange and new CEO coming out but I believe the owner is still the old owner of the other exchange that recently declares bankruptcy. Look at the Poloniex.

[bbc.reporter]

Looks like those rumours about crypto.com being in trouble made people massively withdrawing their funds from there as they recently shared the announcement that hey are "experiencing delays with crypto withdrawals due to network traffic" and I saw some people reporting that they have been waiting for 24 hours to get their crypto out. Well, at least I hope that's the reason and not that they are actually insolvent and that's what causing all those delays.

Yes, I saw those comments that were shared in social media. I have never used crypto.com, however, their users claim that withdrawals before were instant.

Also, I heard that crypto.com's CEO has released a statement telling everyone that the exchange is very solvent and safe. However, their CEO also released this statement which very head shaking.



If the coins he bought dump to zero, is this hedging? To buy other coins called LUNA or FTT is hedging?

[o_e_l_e_o]

The delays they are experiencing are at least plausible right now, since Binance has chosen the worst possible time when everyone is trying to withdraw their coins from every centralized exchange out there to flood the network with ~200 megabytes of consolidation transactions. Someone with a tin foil hat might suggest Binance deliberately chose right now to clog up the mempool.

Still, this only explains the delays in bitcoin withdrawals, and not the delays in all the other withdrawals that crypto.com are "experiencing"/making up. And of course let's not mention how their centralized token has lost has lost 50% of its value in the last few days.

Also, I heard that crypto.com's CEO has released a statement telling everyone that the exchange is very solvent and safe.

Such statements are meaningless. Withdraw everything.

[Bitcoin_Arena]

Also, Bitmex listed an FTT perpetual futures contract before the collapse of FTX. This implies that Arthur Hayes speculated on the collapse. If this is true, it appears Arthur Hayes is also speculating on crypto.com's collapse. Bitmex has listed a new CRO perpetual futures contract ready for shorting.

This is awkward because a notable number of derivatives exchanges such as bybit have delisted the FTT perpetual futures contracts. Maybe Bitmex is trying to take advantage of the situation and look for the volumes they lost in the past.

Being that the very volatile tokens get automatically delisted by other derivative exchange engines, Bitmex is probably stepping in and no giving a damn about the dangerous volatility. They probably just want the numbers.

[bbc.reporter]

Also, I heard that crypto.com's CEO has released a statement telling everyone that the exchange is very solvent and safe.

Such statements are meaningless. Withdraw everything.

I am very aware of this and I have implied it in the following sentence after the sentence that you included in your reply hehe.

@Bitcoin_Arena. Many people speculate that Bitmex is taking advantage of the situation on FTT. This is why they are also speculating that Bitmex is taking advantage of the situation again on crypto.com.

Also, can anyone read this article and share it in the thread? There is a paywall and I have used all of my free access for the month.



Hedge fund admits half its capital stuck on FTX exchange

https://www.ft.com/content/726277bb-35a1-4d35-9df9-3e1cca587b77

[o_e_l_e_o]

Also, can anyone read this article and share it in the thread? There is a paywall and I have used all of my free access for the month.

Any time you come to paywall, try prefixing the URL with the following:

Code:

12ft.io/

Usually this will bypass it. For example: 12ft.io/https://www.ft.com/content/726277bb-35a1-4d35-9df9-3e1cca587b77

And if that doesn't work, just archive the page and it bypasses the paywall. Here you go: https://archive.ph/oJ6ip

Looks like this hedge fund had $100 million in assets on FTX. I'm sure there will be plenty of other hedge funds and other financial companies in the coming days admitting that they have lost large amounts of money via FTX.