Ever since FTX’s downfall, the trust in centralized exchanges has lifted and many trading platforms are under fire for hiding their financial statements.
However, the exchange recently halted its operations due to insufficient funds for ETH gas fees. This caused the rumors of insolvency to circulate even more rapidly.
Crypto.com also sent $1B worth of stablecoins to FTX exchange over the year, what’s the reason behind this transfer when the team claims to be not involved with FTX directly?
Since people are massively pulling out funds from the exchange, Crypto.com’s native token $CRO is down by 19%, based on CoinMarketCap in the last 24 hours.