TechFlow news — Crypto.com CEO Kris Marszalek tweeted a response to claims that the company had transferred approximately $1 billion to FTX, stating that their exposure to FTX was minimal (under $10 million). He emphasized that FTX was used solely as a trading venue to hedge customer transactions, and funds were never deployed for yield on FTX or any third party. He added that USDC deposits made by Crypto.com on FTX were intended to purchase other tokens before transferring them back to Crypto.com wallets. For the exact same reason, Coinbase also held $15 million on FTX, as certain FTX-related tokens (SRM, RAY, etc.) only had sufficient liquidity on FTX.
According to on-chain data, Crypto.com had previously transferred around 1 billion USDC to FTX, and some users reported this morning that their withdrawals were temporarily delayed, possibly due to freezes.Original link
