Crypto.com commits to proof-of-reserves after halting certain deposits and withdrawals
Kris Marszalek, CEO of cryptocurrency exchange Crypto.com has become the latest crypto company promising to publish "audited proof of reserves," amid the downfall of rival exchange FTX.
"We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves," said Marszalek, adding that his company "will be publishing our audited proof of reserves."
We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves and https://t.co/pFc4Pz9nFR will be publishing our audited proof of reserves.
The idea for crypto companies to publish their proof of reserves has gained traction in the wake of the FTX liquidity fiasco. Binance CEO Changpeng “CZ” Zhao on Nov. 8 also pledged to start a Proof-of-Reserves audit system to give the public insights into the state of their reserves.
The Crypto.com CEO's comments come only hours after the exchange temporarily suspended withdrawals and deposits of USDC and USDT on the Solana network on Nov. 9.
In an email to users on Nov. 9, which had been circulating on Twitter, Crypto.com reportedly notified users of an “Immediate suspension of UDSC and USDT Deposits and withdrawals on Solana.”
In the email, the exchange assured its customers that they could still withdraw USDC and USDT at any time using other supported networks, such as Cronos and Ethereum, suggesting that other named networks had not been impacted by “recent industry events”.
When https://t.co/5NeQKxhWmO suspends all deposits and withdrawals via #Solana is clear something is not right... #cryptocrash #SOL pic.twitter.com/GFAcOVTzNR
Cointelegraph reached out to Crypto.com, who confirmed that the news circulating on social media about the suspension of withdrawals
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