Cryptocom CEO Kris Marszalek stated in a YouTube live broadcast that the stock market may have problems due to FTX, stating that the fund is $ 10 million.
“Get ready for a strong crypto winter, but cryptocurrencies and Cryptocom are not going anywhere,” Marszalek said. After the bankruptcy of FTX, the companies it cooperates with and the projects it invests in were followed with concern by the investors, while Marszalek made a statement on this subject.
Kris Marszalek: Get Ready for a Strong Crypto Winter
FTX’s announcement of bankruptcy caused the prices to go upside down on cryptocurrency exchanges. The fact that FTX, one of the most powerful exchanges, came to this situation worried many investors. Making statements on this basis, Cryptocom CEO Kris Marszalek said investors should be ready despite a strong crypto winter.
Over the past week, Crypto.com’s CRO token has dropped almost 45 percent on concerns that the Singapore-based exchange will face the next liquidity crisis. According to data from Nomics, the exchange’s daily volume has slumped from around $4 billion last year to around $284 million last October, and withdrawals are resuming as users and investors withdraw their funds from the platform.
In the interview, Marszalek reiterated that the exchange has a strong balance sheet and said its exposure to FTX is limited to $10 million.
“We saved $990 million from FTX,” Marszalek said, noting that the flow of funds between exchanges is a necessary part of the business.
Cryptocom’s audit is ongoing, but it will take some time. Audit firms are not working at crypto speed, he said, emphasizing that Cryptocom and the industry need full transparency to move forward.
