Is Crypto.Com next after FTX? The price of CRO has dropped by 50%.

The global crypto-currency market has been plagued by increasing uncertainty due to the collapse of FTX, a crypto-currency exchange. However, the growing problems of another crypto-currency exchange, Crypto.com, have worried market players.

Crypto.com mismanaged ETH trnx

According to reports, Crypto.com experienced a massive investor withdrawal over the weekend, with the company’s CEO Kris Marszalek admitting to mishandling the $400 million transaction. He mentioned that the transfer was sent to the wrong account type on another exchange.

Twitter users reported a hefty transaction involving the transfer of $400 million of Ethereum on October 21, 2022. They highlighted other transfers between small platforms and exchanges as evidence. Meanwhile, Marszalek assured that it was an accident and the tokens were recovered.

However, the comments of the CEO of Crypto.com failed to regain the confidence of investors. Its native token, the Cronos price, has fallen by 50% in the last seven days. This poses a huge threat to the digital asset market after the FTX collapse.

Crypto.com announced that its CEO would be going live on YouTube to answer any questions and speculations about the trades reported on the platform.