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Is Crypto.com the next kingpin of the crypto world to fall?
On worries that the Singapore-based exchange may be the next to experience a liquidity crisis, Crypto.com’s CRO token has fallen roughly 45% over the previous week. Customers withdrew money from Crypto.com over the weekend after the company's CEO claimed the exchange handled a $400 million transaction improperly.
Over the weekend, worries about Singapore-based Crypto.com rippled over the internet as well-known cryptocurrency professionals criticized the business. Following the abrupt demise of FTX, which went from one of the most reputable exchanges to insolvency in the span of a week, cryptocurrency traders are on alert.
According to data from Nomics, the exchange’s daily activity fell from highs of around $4 billion last year to roughly $284 million this past October, and withdrawals are on the rise as users and investors take their money out of the system. The exchange has also limited withdrawals related to coins such as SRM, Ray and GALA.
Changpeng Zhao, CEO of the world’s leading crypto organization Binance, added further fuel to the fire in speculating on Crypto.com’s potential collapse, while stopping short of naming the embattled exchange by name. “If an exchange [has] to move large amounts of crypto before or after they demonstrate their wallet…
