According to Kris Marszalek, CEO of CryptoCom, his company has a stable balance sheet that poses no risk to customers. He also promised to release an audited proof of reserves in the coming weeks and stated that the company had not engaged in any irresponsible lending products.

Kris Marszalek took part in a live-streaming YouTube address where he addressed numerous questions about the company's status.

Despite the recent allegations, he assured users that the platform has a solid balance sheet and that they should not be concerned. The Polish entrepreneur stated that CryptoCom will continue to operate as usual in order to prove to all the naysayers that it is a dependable and secure venue.

The implosion of the US-based exchange FTX sparked significant panic in the space, with many participants fearing that other trading venues would suffer from liquidity issues and follow in the footsteps of the troubled entity.

Marszalek stated that CryptoCom will publicly disclose the number of cryptocurrencies it holds on behalf of its customers in the coming weeks. Furthermore, the organization will demonstrate that it does not deal with any reckless lending products.

Members of the cryptocurrency community recently discovered that 320,000 ETH (approximately $400 million at the time) were sent from one of CryptoCom's addresses. He explained that the funds were transmitted to a whitelisted external exchange address by mistake. He also reiterated his position in his most recent appearance.

"At no point were the funds in danger of being sent somewhere from which they could not be recovered. It had nothing to do with any of FTX."

Following that, the executive stated that CryptoCom's exposure to FTX was limited to $10 million. He also disclosed that the former retrieved $990 million from the troubled exchange, emphasizing the importance of fund flows between competitors in the industry.

What are your thoughts on the recently recovered large sum of money from FTX? Let us know your comments by sharing this article online.

Nov 15, 2022
Crypto News

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