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Gungun Bhatia
Nov 10, 2022
by Gungun Bhatia

Crypto.com Commits Proof-of-Reserves After Halting Deposit and Withdrawal

Crypto.com Proof-of-Reserves

Table of contents

  1. Binance Launched Proof-of-Reserves
  2. Crypto.com Halted Deposits and Withdrawals After Committing Proof-of-Reserves
In the wake of the demise of competitor exchange FTX, Kris Marszalek, CEO of cryptocurrency exchange Crypto.com, has joined the list of crypto companies vowing to reveal "audited evidence of reserves." According to Marszalek, his business would be posting the audited evidence of reserves. The Crypto.com CEO further stated that they share the idea that it must be required for cryptocurrency platforms to publicly release Proof-of-Reserves.

Binance Launched Proof-of-Reserves

The FTX liquidity debacle has given rise to the notion that cryptocurrency firms should reveal their proof-of-reserves. On November 8, Changpeng "CZ" Zhao, CEO of Binance, also committed to launching a Proof-of-Reserves audit mechanism to inform the public about the status of their reserves.

The CEO of Crypto.com made these remarks hours after the exchange on November 9 briefly stopped accepting deposits and withdrawals of USDC and USDT on the Solana network.

Crypto.com Halted Deposits and Withdrawals After Committing Proof-of-Reserves

According to reports on Twitter, Crypto.com informed users of an instant stoppage of UDSC and USDT Deposits and withdrawals on Solana in an email sent to subscribers on November 9.

The exchange suggested that other listed networks were not damaged by recent industry developments by assuring its clients in the message they could still withdraw USDC and USDT at any moment using other supported networks, including Cronos and Ethereum.

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Crypto.com Commits Proof-of-Reserves After Halting Deposit and Withdrawal
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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