- FTX events have depleted trust among crypto investors.
- To gain trust among investors, exchanges showcase screenshots of their assets.
- Crypto.com, Huobi, and Gate.io all showcase forged screenshots, and get caught red-handed.
The recent days have brought fear like anything among the entire crypto industry, especially among investors. Customers of many prominent exchanges are all now suspecting whether they can continue to hold their assets or just withdraw all, and completely get out of this crypto mess.
The Intention
True to the fact that customers have lost trust in exchanges because of what happened with FTX. FTX declared that assets like USDT of $31.4 million, BTC, ETH, and much more had been hacked off, the very day morning CEO Sam, resigned.
With such evident frauds taking place literally in the open even by most trusted and top exchanges have indeed bought fear and distrust among crypto investors. In order to mitigate this, and to bring trust among the people again, prominent exchanges are all one by one openly coming out with screenshots of their assets.
This is to showcase that they won’t flee away declaring bankruptcy or even manipulate the crypto market by dumping hidden assets on the whole thereby decreasing the price of valued cryptos. In such a scene, currently, many exchanges have worsened the situation even more by giving out fake, and forged screenshots of their assets on hold.
The Deception
Just two days after becoming one of the first exchanges to openly show the screenshot of their cold storage, Crypto.com got thrashed literally. Investors fired up upon Crypto.com like anything, owing to the fact that Crytpo.com had transferred about 320.000 ETH to Gate.io on October 21, 2022.
However, the CEO of Crypto.com Kris Marszalek defended that the assets were transferred back to the cold storage, and the transaction was done by mistake. Likewise, Huobi was the next suspect to carry out the same scene.
While giving out the screenshot of their holdings, at the same time 10,000 ETH has been transferred from a Huobi wallet to both Binance, and OKX deposit wallets. In such terms, initially, Huobi had 14,858 Ethereum (ETH) in its original storage, and currently has only 4,044 ETH!
These inaccurate portrayals by almost all the crypto exchanges have vividly pushed the entire crypto industry to the cliff’s edge, as people are now losing all their trust, and faith in the entire crypto industry.
