CryptoCom mistakenly sent more than 320,000 ETH (about $400 million) to a rival crypto exchange called Gate.
This is not the first time that Crypto.com has made such a mistake. Last year, a Crypto.com employee accidentally transferred more than $7.1 million to a customer. Later, the firm sued the person for the return of the funds. This time, the transfer was made to the cryptocurrency exchange, not to a person.
Crypto.com Accidentally Transferred $400M in ETH
Crypto.com mistakenly sent more than 320,000 ETH (about $400 million) to a rival crypto exchange called Gate on October 21. This came about after a Twitter user posted a screenshot today asking why a large amount of ETH has suddenly exited Crypto.
The firm’s CEO, Kris Marszalek, responded to the tweet, saying the transfer was due to human error. Marszalek said one of his team accidentally sent about 80 percent of the ETH in its reserves to a whitelisted exchange. He also stated that the funds are planned to be moved to a new cold storage wallet.
Marszalek’s statement on the subject is as follows:
“This was supposed to be moved to a new cold storage address, but was sent to a whitelisted external exchange address. We worked with the Gate team and the funds were then returned to our cold storage.”
24956
