On Nov. 11, 2022, the CEO of Crypto.com Kris Marszalek shared the company’s proof-of-reserves addresses that hold leading crypto assets like bitcoin and ethereum. Marszalek says a “proof-of-reserves audit preparation is underway” and the wallet addresses shared are the company’s cold wallets.
Crypto.com CEO Chris Marszelek Shares Company’s Cold Wallet Addresses, Promises Full Audit Soon
Chris Marszalek, CEO of FTX International, Crypto.com, on November 8, 2022, amid the collapse of one of the top cryptocurrency exchanges worldwide. Told His Twitter followers said it was a “sad day for the industry”. Marszalek also said that the company has very little direct exposure to FTX and stressed that its exchange has “never been involved in irresponsible lending.”
“Our direct exposure to FTX meltdown is immaterial: less than $10m in our own capital deposited there for customers’ trade execution,” the Crypto.com CEO wrote at the time. “That’s very little compared to our global revenues surpassing US$1 billion for two consecutive years,” he added.
Later understood On November 9, 2022, that Crypto.com will provide a list of proof-of-reserve addresses and a full audit, two days later, Marszalek shared several cold wallet addresses associated with the company’s reserves. Crypto.com Executive Told,
While the proof-of-reserves audit preparation is underway, we are sharing our cold wallet addresses for some of the top assets on our platform. This represents only a portion of our reserves: about 53,024 [bitcoin], 391,564 [ethereum], and combined with other assets for a total of ~US$ 3.0B.
In subsequent tweets, Marszalek shared a long list of addresses associated with his exchange. The CEO also said that the team was working with Nansen to provide a dashboard that facilitates crypto.com’s reserved addresses in real time. “you can expect [Crypto.com] To continue to operate in the spirit of complete transparency and remain a steady hand and a safe, secure platform,” Marszalek added on Friday.
Marszalek’s tweets follow Binance releasing addresses tied to the exchange’s hot and cold wallets on Thursday. It also follows the conversations stemming from a slew of cryptocurrency executives discussing the importance of providing proof-of-reserve audits. The proof-of-reserves discussions come during the wake of FTX’s collapse as the company and 130 associated businesses filed for bankruptcy protection on Friday.
