Crypto.com CEO Shares Company’s Crypto Reserve Addresses in the Wake of FTX Bankruptcy

Crypto.com CEO Shares Company"s Crypto Reserve Addresses in the Wake of FTX Bankruptcy

On Nov. 11, 2022, the CEO of Crypto.com Kris Marszalek shared the company’s proof-of-reserves addresses that hold leading crypto assets like bitcoin and ethereum. Marszalek says a “proof-of-reserves audit preparation is underway” and the wallet addresses shared are the company’s cold wallets. Crypto.com CEO Kris Marszalek Shares Company’s Cold Wallet Addresses, Promises Full Audit Soon

On Nov. 8, 2022, amid the collapse of one of the top cryptocurrency exchanges worldwide, FTX International, Crypto.com CEO Kris Marszalek told his Twitter followers that it was a “sad day for the industry.” Marszalek also added that the company has little direct exposure to FTX and stressed that his exchange “never engaged in irresponsible lending.”

“Our direct exposure to FTX meltdown is immaterial: less than $10m in our own capital deposited there for customers’ trade execution,” the Crypto.com CEO wrote at the time. “That’s very little compared to our global revenues surpassing US$1 billion for two consecutive years,” he added.

After explaining on Nov. 9, 2022, that Crypto.com would provide a list of proof-of-reserves addresses and a full audit, two days later, Marszalek shared a number of cold wallet addresses associated with the company’s reserves. The Crypto.com executive said: While the proof-of-reserves audit preparation is underway, we are sharing our cold wallet addresses for some of the top assets on our platform. This represents only a portion of our reserves: about 53,024 [bitcoin], 391,564 [ethereum], and combined with other assets for a total of ~US$ 3.0B.

In the tweets that followed, Marszalek shared a long list of the addresses associated with his exchange. The CEO also said that the team was working with Nansen to provide a dashboard that features Crypto.com’s reserve addresses in real-time. “You can expect [Crypto.com] to continue working in spirit of full transparency and remain the steady hand and a safe, secure platform,” Marszalek added on Friday.

Marszalek’s tweets follow Binance releasing addresses tied to the exchange’s hot and cold wallets on Thursday. It also follows the conversations stemming from a slew of cryptocurrency executives discussing the importance of providing proof-of-reserve audits. The proof-of-reserves discussions come during the wake of FTX’s collapse as the company and 130 associated businesses filed for bankruptcy protection on Friday. Tags in this story addresses, Assets, Binance, Binance Wallets, Bitcoin, cold wallets, Company Reserves, Crypto.com, Crypto.com exec, Crypto.com executive, Crypto.com’s CEO, Ethereum, ftx, FTX Bankruptcy, Kris Marszalek, Nansen, PoR, Proof of Reserves, proof of reserves audit

What do you think about Crypto.com’s CEO Kris Marszalek publishing the exchange’s reserve addresses? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Russian IT Firms Lobby for Crypto Payments in Software Exports NEWS | 2 hours ago Onchain Data Shows FTX US Paused ETH Withdrawals for 2 Hours, Users Complain of Withdrawal Errors NEWS | 3 hours ago

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