The value of the cryptocurrency token of the Crypto.com exchange fell by 28%

The rate of the Crypto.com cryptocurrency exchange’s native token, CRO, showed a drop over the weekend. From a daily high of $ 0.078, the price of the asset dropped by 28%, with the cryptocurrency’s rate settling at $ 0.056. Over the course of a week, the token showed a 50% drop. At the time of publication, CRO was trading at around $ 0.06.

Yesterday, November 13, Lookonchain analysts examined the cryptocurrency reserves of Crypto.com. As it turned out, the crypto exchange’s 5 Ethereum wallets and 6 BTC wallets contain digital assets totaling $ 2.68 billion — the largest percentage is held by Shiba Inu (SHIB). According to the data, SHIB’s assets in dollars reach $ 531 million, compared to $ 446 million in ETH. The crypto exchange also owns $ 80 million in its own CRO token.

We did an analysis of wallets of https://t.co/INIxikglp6.

1.
Here are some of our findings:?

— Lookonchain (@lookonchain) November 13, 2022

Lookonchain analysts warned that 40% of Crypto.com's assets are low-liquid and urged investors to be more careful with their cryptocurrency savings. Lookonchain also reported fake asset transfers even before the firm Binance-prozvituvala-pro-te-skilky-kryptovalyuty-zberigayetsya-na-platformi/">followed Binance in releasing its proof of reserves. Crypto.com was found to have withdrawn $ 210 million from Binance and $ 50 million from Circle before announcing its own reserves. Чанпен Чжао" href="https://noworries.media/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao, who had previously stated that he did not believe in Crypto.com's solvency, reiterated his concerns on his Twitter over the weekend:

If an exchange has to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away. Stay #SAFU.?

— CZ? Binance (@cz_binance) November 13, 2022

«If an exchange has to move large volumes of cryptocurrencies before or after it has demonstrated its wallet addresses, it is a clear sign of problems. Stay as far away as possible,» the Binance CEO tweeted.

Earlier it was reported that representatives of Crypto.com «accidentally» sent 320,000 Ethereum tokens to Gate.io. The problem has now been resolved. However, this is not the first time that Crypto.com has transferred significant amounts to unknown addresses.