CryptoCom Recovered $990 Million from FTX, CEO Says Balance Sheet Strong

Kris Marszalek – CEO of CryptoCom – said his company has a stable balance sheet that presents no risk to customers.

He also vowed to disclose an audited proof of reserves in the following weeks and assured the firm has not engaged in any “irresponsible lending products.”

  • CryptoCom’s boss Kris Marszalek took part in a live-streaming YouTube address where he answered multiple questions regarding his firm’s status.
  • Despite the recent accusations, he guaranteed that the platform has a robust balance sheet, and users should not be concerned. The Polish entrepreneur stated CryptoCom will continue operating its business as usual to prove to “all the naysayers” that it is a reliable and safe venue:

“We will prove them all wrong with our actions.”

  • The collapse of the US-based exchange – FTX – infused significant panic in the space and many crypto participants feared that other trading venues could have liquidity holes and follow the footsteps of the distressed entity.
  • Marszalek said CryptoCom will publicly reveal what amount of cryptocurrencies it stores on behalf of its customers within the next few weeks. In addition, the organization will show it does not deal with any “irresponsible lending products.”
Kris Marszalek
Kris Marszalek, Source: Reuters

 

  • Members of the crypto community recently discovered a whopping 320,000 ETH (worth around $400 million at the time) were sent from one of CryptoCom’s addresses. Marszalek explained the funds were mistakenly transferred to a whitelisted external exchange address. In his most recent appearance, he reiterated his position:

“At no point were the funds at risk of being sent somewhere they could not be retrieved. It had nothing to do with any of the craziness from FTX.”

  • Subsequently, the executive said CryptoCom’s exposure to FTX was limited to $10 million.
  • He also revealed that the former recovered $990 million from the troubled exchange, outlining that fund flows between rivals are essential in the sector.

The post CryptoCom Recovered $990 Million from FTX, CEO Says Balance Sheet Strong appeared first on CryptoPotato.