Oops: Crypto.com Sends $400M In Ethereum To The Wrong Wallet

LONDON, ENGLAND - DECEMBER 07:  A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD, the crypto sector coninues to grow, as it continues to see wider mainstreem adoption. The price of one Bitcoin passed 15,000 USD across many exchanges today taking it higher than previous all time highs.  (Photo by Dan Kitwood/Getty Images)

At a glance

  • Crypto.com CEO Kris Marszalek admitted the exchange accidentally sent $400 million in Ethereum to DeFi competitor Gate.io. Instead, the company intended to send the crypto to cold storage.
  • Though the rival company returned the 320,000 ETH, the mistake made CRO, Crypto.com’s native token, tumble.
  • This mistake is the company’s second accidental multi-million dollar transfer, sparking uncertainty after the collapse of FTX.

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