390 million euros. Improperly transferred by Crypto.com, the amount landed on the wrong beneficiary account. If all the chips are recovered, this mistake could have cost the Singaporean giant dearly.
“The ETH transfer that generated so much suspicion and speculation on Twitter today took place over three weeks ago, on October 21st, from Crypto.com to Gate.io.”. These are the words of Crypto.com CEO, Chris Marsalek. In a November 13 tweet, he publicly admitted that his company had made a huge mistake.
80% of Crypto.com’s ETH
Concretely, Kris Marszalek admits that on October 21, 2022, the cryptocurrency exchange Crypto.com mistakenly transferred 320,000 ETH to the wrong wallet. As a reminder, ETH is the token of Ethereum. In other words, Gate.io, which benefited from 320,000 ETH, got the equivalent of €390 million. due to an error.
You need to understand one thing. Fatal errors in the cryptocurrency world are nothing new. Whimsical tales abound since they first appeared. However, nearly 14 years after the introduction of Bitcoin, it’s hard to imagine a company the size of Crypto.com making such a huge mistake. Especially since the case is not isolated. Last August, the Singaporean company had already distinguished itself by transferring 7 million euros to a customer who claimed only 66 euros …
In this case, everything ended well. Gate.io, a competitor to Crypto.com, returned the funds to the company within days of the incident. However, the mistake could have been tragic. In fact, these 320,000 ETH represent 80% of the Ethereum tokens held by Crypto.com.
On Twitter, Kris Marszalek wants to be reassuring and stresses that it all starts with mishandling. “The whitelisted address belongs to one of the company’s accounts on a third-party exchange, not our cold wallet.”, He says. mention that cold wallet It means a wallet that is not connected to the internet and therefore more secure. The Crypto.com CEO also indicates that the company’s processes and systems will be reviewed to improve the management of transfers. It remains to be seen whether the promises will be kept …
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