In light of the recent FTX implosion, the crypto community is concerned that some crypto exchanges like Gate.io and Crypto.com appear to be faking their reserves.
Community concerns were triggered when a Twitter user highlighted a transfer of 320,000 ETH from Crypto.com to a Gate.io address.
Etherscan data, as cited by Conor, showed that Crypto.com sent the funds to Gate.io on Oct. 21 while Gate.io sent back 285k ETH within a week. He noted that both the sender and receiving addresses were connected to Crypto.com.
However, the CEO of the exchange, Kris Marszalek, explained that the transfer was a…
