Ethereum worth $400 mn sent to another exchange erroneously

SAN FRANCISCO: Crypto.com has admitted that it mistakenly sent over $400 million in Ethereum digital coins to another crypto exchange called Gate.io.

Crypto.com CEO Kris Marszalek said in a tweet that the company was supposed to send 320,000 cryptos to one of its offline wallets, but accidentally sent it to a “whitelisted” address belonging to the corporate account at Gate.io.

“It was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address. We worked with Gate team and the funds were subsequently returned to our cold storage. New process and features were implemented to prevent this from reoccurring,” Marszalek acknowledged.

The Crypto.com CEO said the transfers that generated so much speculation on Twitter “were made over three weeks ago, on October 21 to Crypto.com’s whitelisted corporate account at Gate.io.”

Crypto.com proceeded to withdraw the funds back to its cold wallets over the following days.

“The entirety of ETH was successfully withdrawn by Crypto.com and returned to our cold storage,” the company informed.

In August, Crypto.com gave a customer $7.2 million instead of $68 refund, which it is yet to get back and was reported to be suing the customer in question.