CryptoCom Recovers $990 Million From FTX, CEO Says Strong Balance Sheet

CEO Marszalek said CryptoCom has no balance issues and “we will prove them all wrong with our actions.”

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

He also vowed to reveal the audited reserve evidence in the coming weeks and ensure that the company is not engaged in any “irresponsible lending products”.

  • CryptoCom boss Kris Marszalek joined a YouTube live stream where he answered many questions regarding the state of his company.
  • Despite the recent accusations, he assures that the platform has a strong balance sheet and users should not worry. The Polish businessman said that CryptoCom will continue with business as usual to prove to “all opponents” that it is a trusted and safe venue:
    We will prove them all wrong with our actions.”
  • The collapse of the US-based exchange – FTX – has caused considerable panic in the space and many crypto participants fear that other trading venues may have liquidity holes. account and follow in the footsteps of the suffering entity.
  • Marszalek said CryptoCom will publicly disclose how much cryptocurrency it stores on behalf of its customers within the next few weeks. In addition, the institution will demonstrate that it does not deal with any “irresponsible lending products”.
  • Members of the crypto community recently discovered a whopping 320,000 ETH (worth around $400 million at the time) was sent from one of CryptoCom’s addresses. Marszalek explained that the funds were mistakenly transferred to a whitelisted external exchange address. In his most recent appearance, he reiterated his point:
    At no point is the money at risk of being sent somewhere where they cannot be recovered. It has nothing to do with any of the madness from FTX.
  • The executive then said that CryptoCom’s exposure to FTX was capped at $10 million.
  • He also revealed that the company had previously recovered $990 million from the troubled exchange, stating that capital flow between rivals is essential in the sector.

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