During a live ask-me-anything (AMA) session with users on Nov. 14, Crypto.com CEO Kris Marszalek explained that the firm sent large-sum stablecoins to troubled cryptocurrency exchange FTX to fulfill liquidity within customers’ orders at the time when FTX was still functional. As told by Marszalek:
“Over a year, $1 billion was moved to FTX, and we recovered all of this. We only had exposure of under $10 million when FTX shut down. And FTX was a trading venue where — this is one of the few trading venues with decent liquidity for some of the coins, like the ones I mentioned earlier.”
During the session, Marszalek reassured users that the exchange was not halting withdrawals. Although, a higher volume of requests has led to a backlog of customer service tickets. The Crypto.com chief then stated that only three coins, two of which are FTX tokens and the other being a securitized token, currently have their withdrawal functions suspended on the exchange.
Marszalek also denied allegations that the exchange was using its native token, Cronos (CRO), as collateral for loans: “We’ve never used it. We haven’t needed to use it,” he said, pointing out that the exchange has a “very simple business that generates a fairly decent amount of…
