Unknowingly Sent 320k ETH to Rival Exchange Unknowingly Sent 320k ETH to Rival Exchange
  • sent funds equivalent to around 80% of its total ETH reserves.
  • published its proof of reserves on November 12.

Following the major cryptocurrency exchange FTX’s insolvency, another centralized crypto exchange revealed that unknowingly it had transferred 320,000 ETH, or about $400 million at the time, to a public address that is registered at a rival exchange. 

According to Etherscan, the block explorer, sent funds equivalent to about 80% of its total ETH reserves to rival exchange on October 21. However, on October 29, returned some amount of 285,000 ETH, equivalent to $456 million due to a slight ETH rise. CEO Kris Marszalek stated on his Twitter account on Saturday that the fund was supposed to move to a cold storage address. Also, Marszalek highlighted that all of the funds have subsequently been returned and the dollar balance on Gate for is in the single-digit millions.

Crypto Exchanges Turning Towards Transparency

In the wake of the shocking collapse of FTX, significant cryptocurrency exchanges are being monitored and moving to transparency. As on October 28, provided proof of reserves to its users. In addition, declared its proof of reserves on November 12. Proof-of-reserves (POR) audits are managed by impartial third parties on behalf of their clients to reveal transparency.

Further, the Cronos (CRO) native currency of is down by over 20% in the last 24 hours and more than 50% in the last week. Cronos has a market cap of $1 billion, which declined by around 21% in the last day, as per CoinGecko. 

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.