Hi HODLers,
If you have been following me for some time, even if I use the Crypto.com Visa Card, I have never been a fan of this exchange/blockchain. They have screwed users in the past through their MCO -> CRO conversion and all their PR stunts make me worried.
I honestly know very few crypto users trading or using their platform and they have been known to pump their token to give discounts, cashback or other advantages that work only because they print and distribute as much CRO as they want.
Their Blockchain has almost no developers, their Trading app suck so except having a Visa card I do not know why people like it. Do you?
Also, as long as CRO price is not 0 they can print free money.
As seen with MCO, I expect that once they will have distributed most of their CRO tokens, they would do something funky to get the control back one way or another.
What exactly happened?
Short answer is: "we do not know yet".
It all started with Billy Markus, Dogecoin founder who noticed weird activity on Etherscan.
A few hours later, Crypto.com took the decision to pause withdrawals and stated that "Funds are safe".
Soemthing that I find very strange is that it would be someone having nothing to do with Crypto.com's audit/security team that would sound the alarm. I mean, if this guy did not see it, maybe hackers/thieves would be still getting ot user's account without any alarm going on at Crypto.com?
This does not look good as we even heard from Crypto enthusiast having some of their funds removed from their Crypto.com account.
Crypto.com might allow withdrawals back in the next hour or so as at around 16:00 UTC, CEO Kris Marszalek tweeted that final checks were being made prior to withdrawals being resumed in the following 30-60 minutes.
I hope you have not been affected by this issue and that we will get to the bottom of it in order to learn what happened.
Stay safe out there, it is still the Wild West!
Sources:
Crypto.com pauses withdrawals due to ‘suspicious activity’, Cointelegraph
Crypto.com Suspends Withdrawals Following 'Unauthorized Activity', Coindesk