Another Exchange that could Bite the Dust, crypto.com

[talkoncrypto Official]

Several users of popular crypto exchange Crypto.com have recently complained of their inability to withdraw funds from the exchange network.

Source- https://crypto.news/crypto-com-users-complain-about-withdrawal-and-deposit-issue

Whats your take on this ..

Share your inputs

[Charles-Tim]

The inputs will always be the same, that you should hold you coins on noncustodial wallet, moving to self-custody so that you will have the 100% control over your own coins, not that exchanges should control your money for you when you can control it yourself. But some people are using exchanges to trade, but many traders always discourage their fellow traders not to use the amount of money they can not be able to afford to lose to trade, so not to leave the amount of money they can not afford to lose on exchanges.

[DaveF]

They are one of the few that I would not worry about.
Not saying then they are any better as a place to park money then any other exchange, but they are owned by Foris DAX Asia, who is Singapore based.

And to be blunt Singapore does not mess around with criminals, if they mess this up they are going to more then likely not like the outcome vs. a lot of other people who are running around free after posting bail.

Just my opinion, not financial advice.

What is advice....not your keys, not your coins.

-Dave

[joniboini]

I don't have an account there so I can't verify the story, but it is definitely worth following. I think there has been many news regarding Crypto.com making a mistake when they transfer some of their cryptos. They even sent more than a hundred million dollars worth of ETH to the wrong address in the past if I remember correctly. Not sure what kind of input are you expecting by sharing this news though.

If you're worried about Crypto going bankrupt, then try to withdraw as much money as you can. If you don't have an account and are worried about another domino effect, then prepare for the next dump, if that ever happens. You should not expect Bitcoin price to keep going up or steady forever anyway, regardless if a new exchange goes bankrupt or not. Try to find alternatives, or get familiar with DEX such as Bisq if what you need is to exchange your Bitcoin to fiat once in awhile.

[rat03gopoh]

Disappointing user > clarified and apologized > created new promotion > problem slowly forgotten > repeated.

That is the general pattern and actually, it's quite boring reading such news. Newcomers are always arriving, this industry is never at a loss for a story about services that have suddenly turned bad for a while.

[Woodie]

I don't know about bitting the dust because these guys look well invested with their sports sponsorships which could paint a picture that they still have the $$$$.
But reading those tweets shown in the article of the exchange failing to payout a $400 withdraw request really looks bad on their side... because there could be more cases that aren't just reported ! Maybe the exchange is buying time to recover the $10 million that was wrongly sent through fees and all other revenue channels that brings them some money...

[onecall123]

That's what I've heard. That exchange could be the next exchange to close, but I cannot confirm it. A couple of months ago, I started trading on my crypto.com app. I have not used that exchange since then. I hope they don't go nowhere, but at the same time, it makes the industry more transparent. In order to purchase outside of DEX, you must use centralized exchanges, but it is essential to take self-custody. When you plan to trade short-term, keep your funds on the exchange, but when you plan to accumulate long-term funds, keep them in a self-custody wallet. It is possible to use a hot wallet or a cold wallet.

[hugeblack]

For months, rumors have been circulating about this platform, and if all these things are not enough to give you red flags, then you should seriously think about this last warning, and despite all the rumors, the platform is still acting crazy on advertising, which means that it is looking for a lot of hot money, which is Another negative indicator.

These are examples of how they behave with clients' money. Are such behaviors worthy of trust?

1) Crypto.com sent $400 million to the wrong recipient, but got it back this time
2) Crypto.com mistakenly sent a customer $7.2 million instead of a $68 refund
3) Crypto.com’s Sinking Token Stirs Fresh Anxiety After FTX Wipeout

[o48o]

Several users of popular crypto exchange Crypto.com have recently complained of their inability to withdraw funds from the exchange network.
Source- https://crypto.news/crypto-com-users-complain-about-withdrawal-and-deposit-issue
Whats your take on this ..
Share your inputs

From the article:

These complaints raised questions about Crypto.com having minor financial stress after losing about $10.5 million in a transaction mistake.

So what's this then? This was news was 5 months ago, and it was reporting incident from 12 months ago, and somehow it's causing a bank run now? Can someone explain me how this got to do with anything. 10 million is almost pocket money for exchanges like crypto.com and they would eventually get properties purchased with that confiscated back as the woman clearly used money that wasn't her to begin with.

[odez999]

Huge RED FLAG with crypto.com !

They recently been funneling deposits/with ONLY trough their card with recently raised fees ! Which means their head is way below water !
Among other crappy things they do ...