Crypto.com in trouble?

[BitDane]

What does everyone think about crypto.com is it in trouble or should be ok?

According to the CEO of Crypto.com, the exchange isn't in trouble.  It is that the mistake of transferring $400m to gate.io take a toll on their reputation.  The CEO made it clear that Crypto.com has a 1:1 fund reserve.  Since they don't do any irresponsible lending and investments practice, they said the they also don't run hedge fund[1] so the fund of their customer is intact. 


[1] https://www.cnbc.com/2022/11/14/cryptocom-ceo-says-will-prove-naysayers-wrong-amid-ftx-contagion-fears.html

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[o48o]

Speaking of Crypto.com problems, some time ago I read an article about a woman who instead of returning $100 got a transfer of $10 million from the exchange. Source: https://cryptomaton.medium.com/crypto-com-sues-user-after-refunding-10-million-instead-of-100-9e1f61220e3c
What would you do if you got this amount by mistake? Money back or new life?

You would need to launder that money, and that's honestly not a life i want to have.
If you started buying a house etc, officials would be very interested where you got that money and if you payed tax for it. You coun't deposit it in any bank as they need to know where you got that much money. I mean there are ways to do it but it involves too much criminal elements for my taste. I rather would sleep in peace knowing that no one is after me.

[OgNasty]

What does everyone think about crypto.com is it in trouble or should be ok?

According to the CEO of Crypto.com, the exchange isn't in trouble.  It is that the mistake of transferring $400m to gate.io take a toll on their reputation.  The CEO made it clear that Crypto.com has a 1:1 fund reserve.  Since they don't do any irresponsible lending and investments practice, they said the they also don't run hedge fund[1] so the fund of their customer is intact. 


[1] https://www.cnbc.com/2022/11/14/cryptocom-ceo-says-will-prove-naysayers-wrong-amid-ftx-contagion-fears.html

Sam from FTX was saying lots of things right before they froze customer funds as well.  It's long been the thought of the community that these exchanges are selling more BTC than they have and the only way to know for sure is for everyone to withdraw their BTC and watch who falls.  Crypto.com has been doing some shady things moving funds around lately and where there's smoke there's fire.  It wouldn't surprise me in the least if they're one of the zombie exchanges right now.  CZ stated there were 4 or 5 of them out there.  I think it's likely that most of the exchanges that aren't heavily regulated are actually insolvent.  Withdraw your funds!

[ethereumhunter]

Speaking of Crypto.com problems, some time ago I read an article about a woman who instead of returning $100 got a transfer of $10 million from the exchange. Source: https://cryptomaton.medium.com/crypto-com-sues-user-after-refunding-10-million-instead-of-100-9e1f61220e3c
What would you do if you got this amount by mistake? Money back or new life?

You would need to launder that money, and that's honestly not a life i want to have.
If you started buying a house etc, officials would be very interested where you got that money and if you payed tax for it. You coun't deposit it in any bank as they need to know where you got that much money. I mean there are ways to do it but it involves too much criminal elements for my taste. I rather would sleep in peace knowing that no one is after me.

With that money, it wouldn't be easy for him to use it because he would have been monitored by regulators or even the police so if he used even a little money, they would ask him for the details.

We can return the money to the party concerned and explain the situation. I'm sure they will be able to accept that it was their own fault. And if we do not use the money, maybe they will reward us for our honesty and think we did the right thing by reporting it to them.

[posi]

Oh gosh, I wish all I read was not true and it was all just an attack as continuation to the FTX issue. I am also invested in Cronos and I want to see it grow just like how Binance did it. That's my big expectation from them. And since they can afford expensive advertisements in the sports industry, they will not go bankrupt in a blink.
I don't know any details about what the issue is, but I will be checking it out. If FUD comes out, the value of it could go lower and our investments turning to dust.

With this news, the value of Cro has dropped by more than 25% today. As I speculate, cryptodotcom and gate are clearly supporting each other to create fake proof of their asset holdings. Although it's not too serious at the moment but I think to be safe you should withdraw all your assets on crypto.com and consider cutting loss Cro. It's better to lose a little and not let things get as bad as FTX. I really don't trust crypto.com and Gate.io in this situation.

Thank you. I am monitoring it now and waiting for an exit price. Losses are part of investing, but I don't want to get rekt to zero.
It's still in the recovery phase and there's a chance I could go back to my ROI price. Maybe the issue about them also helped them to be on the trend and be hyped in the process.
It actually made me doubt if I should really sell or not.

Have you sold them yet? I just checked them and the situation doesn't get any better. But the good news and FUD about crypto.com seems to have calmed down in the last 2 days I haven't heard any more news about it and it seems like everything is still under their control.
In fact, when investing it is very difficult to give a stop loss order but sometimes we need to do it or else there will be a case of losing everything.
I also put cro on my watchlist because I thought it had the same potential as FTX but after the death of FTX I removed it and the native tokens of other exchanges.

[JamesDaniel90]

Just an update on my own investment with CRO.

I bought at the bottom a few days ago which has now reduced my average buy to £0.10. 

Things seemed to have cooled down last few days but I am now not as confident in CRO as I was this time last week.

I am hoping it can reach £0.08 in the coming weeks where I plan to trade half of my position for Bitcoin which now feels a lot safer.

[serjent05]

Just an update on my own investment with CRO.

I bought at the bottom a few days ago which has now reduced my average buy to £0.10. 

Things seemed to have cooled down last few days but I am now not as confident in CRO as I was this time last week.

I am hoping it can reach £0.08 in the coming weeks where I plan to trade half of my position for Bitcoin which now feels a lot safer.

Good for you, you happen to get in CRO at almost its bottom, but it looks like the condition of CRO isn't stable yet.  It looks like the FUD is still disturbing its market  So I guess it will take sometime before the market starts to recover.  It needs to get the uncertainty and doubt out of the market.  It is good that the CEO is conducting AMA' and interview to battle the uncertainty and doubt of the people and to prove that CRO has 1:1 fund reserve .  I wonder if the will have an audit to prove that there is nothing to fear when dealing with crypto.com and buying their token CRO.

[posi]

Just an update on my own investment with CRO.

I bought at the bottom a few days ago which has now reduced my average buy to £0.10.  

Things seemed to have cooled down last few days but I am now not as confident in CRO as I was this time last week.

I am hoping it can reach £0.08 in the coming weeks where I plan to trade half of my position for Bitcoin which now feels a lot safer.

Like @Reid, he is waiting for Cro to recover before starting to sell, it's really hard to make a decision to sell even a small loss. But with the current situation, I see things are more stable although Cro price has not returned to the old level and the storm has not really ended for Cro.
In my opinion, you and Reid should sell the CRO token and observe them for a while, if everything is completely stable and they continue to grow, both of you can buy it at any time. At this time, stay away from all altcoins, especially the native token of the exchange.

[lixer]

You would need to launder that money, and that's honestly not a life i want to have.
If you started buying a house etc, officials would be very interested where you got that money and if you payed tax for it. You coun't deposit it in any bank as they need to know where you got that much money. I mean there are ways to do it but it involves too much criminal elements for my taste. I rather would sleep in peace knowing that no one is after me.

With that money, it wouldn't be easy for him to use it because he would have been monitored by regulators or even the police so if he used even a little money, they would ask him for the details.

We can return the money to the party concerned and explain the situation. I'm sure they will be able to accept that it was their own fault. And if we do not use the money, maybe they will reward us for our honesty and think we did the right thing by reporting it to them.

People in their right minds won't touch the money because they know that it wasn't theirs and the amount is also huge but what is only strange is that the woman in the story spend the money on many things and it took months for the exchange to find out this issue, resulting for the public to suspect and think what happen is an inside job.

I think this is also the exchange that mistakenly received 300k eth from another exchange and they call it an accident but the catch is it happened for the second time around. See how fishy these centralized crypto exchanges are? This is why we shouldn't be confident on trusting our money on them.

[Oasisman]

Speaking of Crypto.com problems, some time ago I read an article about a woman who instead of returning $100 got a transfer of $10 million from the exchange. Source: https://cryptomaton.medium.com/crypto-com-sues-user-after-refunding-10-million-instead-of-100-9e1f61220e3c
What would you do if you got this amount by mistake? Money back or new life?

It could be one of their lie and all those rumors about wrong amount of transfers and refunds. That is where the shady business begins.
The article says the "woman buys a luxurious mansion from a newly found wealth", and "the exchange remained unaware of the issue for 7 months, with this only coming to light during an end-of-year audit." That 2 statements alone are highly questionable.
This woman could've been checked her financial background, and Crypto.com could've detected the wrong transfer right away or at least the same day or the next day after the wrong refund took place. With that huge amount of discrepancy, it's almost impossible to go unnoticed for 7 long months.
Now, it could be that this exchange are in major panic after the FTX collapse, especially when competitors are spreading rumors.

[gunhell16]

I have been investing in Crypto.com , now known as Cronos, since March this year.

I see it has been falling in the last 24 hours as many are panicking it could be one of the next exchanges in trouble.

I have just tried to deposit some money onto my crypto.com account and it has left my bank but not reached my account and this was over half an hour ago now, it usually reaches my account in a few minutes.

Is there currently a problem with deposits??

What does everyone think about crypto.com is it in trouble or should be ok?

First, if you bought Cronos this month of March, it can be said that there was nothing wrong with what you did. Whatever you heard is just FUD, because as far as I know, cryptocom just made a mistake by sending a large amount to gateio, and I also don't think it's a basis to say that its price value will continue to drop immediately.

Besides that, this is a good opportunity to buy Cronos now and hold it for a while or it depends on you when you want to hold it. Cronos is not the only one that has experienced such transactions, even other well-known exchanges have also had this error.

[Kelvinid]

Speaking of Crypto.com problems, some time ago I read an article about a woman who instead of returning $100 got a transfer of $10 million from the exchange. Source: https://cryptomaton.medium.com/crypto-com-sues-user-after-refunding-10-million-instead-of-100-9e1f61220e3c
What would you do if you got this amount by mistake? Money back or new life?

It could be one of their lie and all those rumors about wrong amount of transfers and refunds. That is where the shady business begins.
The article says the "woman buys a luxurious mansion from a newly found wealth", and "the exchange remained unaware of the issue for 7 months, with this only coming to light during an end-of-year audit." That 2 statements alone are highly questionable.
This woman could've been checked her financial background, and Crypto.com could've detected the wrong transfer right away or at least the same day or the next day after the wrong refund took place. With that huge amount of discrepancy, it's almost impossible to go unnoticed for 7 long months.

It was a dramatic issue but never it gets sympathy from the people and yes, that was absolutely a big lie.
Nobody will ever to listen in a very questionable action the team made. People had already learned from their experience because scam exchanges will never be legit, their true colors will sone to come out. They will just create a dramatic issue and then exit, and be gone forever. That is why it was risky to put and hold coins in an exchange wallet as they are prone to that issue since before.

[JamesDaniel90]

Hopefully with Crypto.com being a sponsor of the world cup which starts this weekend the price will pump a bit.

I will not sell my entire position as I do feel long term it can reach $1 however I am just not as confident in it as I once was having seen what happened to FTX.

I only started investing in crypto 9 months ago so this is my first bear market so is new to me and I am yet to experience a bull market but am happy to wait till 2024/2025 for the next bull run.

[el kaka22]

Unfortunate that crypto is so attractive to so many scammers, I feel like there is a  whole bunch of them all got together to disturb what we have.

We have something so good here, and I feel like it is the best way to overcome all the problems we face financially, something that we can rebel against the governments which destroy our wealth, and give more of it to already wealthy people, crypto is a perfect way to fight against that. But instead, we turn into a scam pool where people keep scamming each other and unfortunately that causes both a lot of drop in price, but also there are a lot of trust lost in crypto because of all of this as well.

[asrinur]

I have been investing in Crypto.com , now known as Cronos, since March this year.

I see it has been falling in the last 24 hours as many are panicking it could be one of the next exchanges in trouble.

I have just tried to deposit some money onto my crypto.com account and it has left my bank but not reached my account and this was over half an hour ago now, it usually reaches my account in a few minutes.

Is there currently a problem with deposits??

What does everyone think about crypto.com is it in trouble or should be ok?

I have never traded on crypto.com. But what I do know is that crypto.com is a good marketplace and has good credibility. Maybe crypto.com did some updates so that your money deposit could not be processed. It would be better for you to try contacting crypto.com so that your problem can be resolved.