{"id":509502,"date":"2022-11-13T08:05:00","date_gmt":"2022-11-13T05:05:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-com-accidentally-sends-320k-eth-to-gate-io-recovers-funds-days-after\/"},"modified":"2022-11-13T08:05:00","modified_gmt":"2022-11-13T05:05:00","slug":"crypto-com-accidentally-sends-320k-eth-to-gate-io-recovers-funds-days-after","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-com-accidentally-sends-320k-eth-to-gate-io-recovers-funds-days-after\/","title":{"rendered":"# Crypto.com accidentally sends 320k ETH to Gate.io, recovers funds days after"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a357b05326f9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a357b05326f9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-com-accidentally-sends-320k-eth-to-gate-io-recovers-funds-days-after\/#%E2%80%9D_Cryptocom_accidentally_sends_320k_ETH_to_Gateio_recovers_funds_days_after_%E2%80%9C\" >&#8221; Crypto.com accidentally sends 320k ETH to Gate.io, recovers funds days after &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Cryptocom_accidentally_sends_320k_ETH_to_Gateio_recovers_funds_days_after_%E2%80%9C\"><\/span>&#8221; Crypto.com accidentally sends 320k ETH to Gate.io, recovers funds days after &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-e13e51fa>The fall of FTX highlighted the importance of proof of reserves in averting risks and improving investor confidence, urging leading crypto exchanges to publicly list down their cold and hot wallet addresses. When trying to confirm the availability of funds on Crypto.com, cold store information revealed a suspicious transfer of 320,000 Ether (ETH) to a wallet address linked to Gate.io on Oct. 21, 2022.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/1f178382-b4e5-4544-8e92-cec6921421a5.png\"><figcaption style=\"text-align: center;\"><em>On chain data confirms the transfer of 320,000 ETH from Crypto.com to Gate.io. Source: Etherscan<\/em><\/figcaption><\/figure>\n<p>Community member @jconorgrogan raised concerns about the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/etherscan.io\/tx\/0xb426efda7525776e856b414c87ec0d7859e9bccafe727c174c7b51ed7ada6bee\">transfer<\/a> of 320,000 ETH from Crypto.com\u2019s cold wallet to Gate.io, considering that the former claims that 100% of user-owned cryptocurrencies are held offline in cold storage in partnership with hardware wallet provider Ledger.<\/p>\n<p>As discussions picked up steam, Kris Marszalek, the CEO of Crypto.com, revealed that the funds \u2014 representing 82% of Crypto.com\u2019s ETH holding in the cold storage at the time of writing \u2014 were sent accidentally to Gate.io:<\/p>\n<blockquote><p>\u201cIt was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address.\u201d<\/p><\/blockquote>\n<p>However, Marszalek confirmed that Gate.io returned the funds to Crypto.com\u2019s cold storage and reassured the investors that new processes and features were implemented to prevent a reoccurrence. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">And why <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/bVgf3bBSGR\">https:\/\/t.co\/bVgf3bBSGR<\/a> would send back to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/2vZHyCacXG\">https:\/\/t.co\/2vZHyCacXG<\/a> 285K ETH 5-7 days later? <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/GhH6QGXntd\">pic.twitter.com\/GhH6QGXntd<\/a><\/p>\n<p>\u2014 Conor (@jconorgrogan) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jconorgrogan\/status\/1591517130150772740?ref_src=twsrc%5Etfw\">November 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While on-chain data confirms that Gate.io returned 285,000 ETH back to Crypto.com, Marszalek stated that all funds were returned. Further investigation showed that the missing 35,000 ETH was sent to a different address, which is yet to be confirmed by the crypto exchange.<\/p>\n<p>It\u2019s not the first time Crypto.com made headlines for an accidental transfer. Back in August 2022, it was found that Crypto.com accidentally sent AUD $10.5 million (worth over $7 million) to Melbourne-based investors, which was supposed to be an AUD $100 ($67) refund. The incident occurred back in May 2021 but was not discovered until an annual audit in December 2021.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto.com commits to proof-of-reserves after halting FTX-backed Solana deposits and withdrawals<\/em><\/strong><\/p>\n<p>Marszalek promised to publish Crypto.com audited proof of reserves on November 10 while highlighting the importance of transparency and user\u2019s safety.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/pFc4Pz9nFR\">https:\/\/t.co\/pFc4Pz9nFR<\/a> will be publishing our audited proof of reserves.<\/p>\n<p>\u2014 Kris | Crypto.com (@kris) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/kris\/status\/1590504912974417921?ref_src=twsrc%5Etfw\">November 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>With most crypto businesses willing to share their proof of reserves, investors now have the opportunity to confirm the existence of their funds, which ultimately prevents business owners from misusing the cold storage funds.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-com-accidentally-sends-320k-eth-to-gate-io-recovers-funds-days-after\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto.com accidentally sends 320k ETH to Gate.io, recovers funds days after &#8220; The fall of FTX highlighted the importance of proof of reserves in averting risks and improving investor confidence, urging leading crypto exchanges to publicly list down their cold and hot wallet addresses. When trying to confirm the availability of funds on Crypto.com,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":509503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvYTllOTNhNjAtNGNiNi00ZmM3LTllYjQtOGEwN2NlMmRhNTNlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[89034,131578,74860,74891,74880,117],"class_list":["post-509502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cold-storage","tag-crypto-com","tag-cryptocurrency-exchange","tag-ethereum","tag-transactions","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=509502"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/509503"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=509502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=509502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=509502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}