Crypto.com news

Crypto.com's $400 million mishap is raising doubts over the exchange's recent efforts at transparency following FTX's collapse.

[spent hundreds of millions of dollars](https://decrypt.co/114210/ftx-spent-hundreds-of-millions-of-dollars-on-sports-marketing-on-road-to-bankruptcy) on sports sponsorship deals that are rapidly dissolving in the wake of its insolvency; the Miami Heat announced on Friday it will remove the FTX name and seek a new stadium naming partner. Gate also [posted on its blog](https://www.gate.io/article/28671) late on Saturday night a "clarification" about its "assistance to Crypto.com to retrieve 320k ETH mistaken transfer.” Crypto.com [released its own](https://decrypt.co/114248/crypto-com-holds-20-of-its-reserves-in-shib) proof of reserves on November 12. Crypto.com’s proof of reserves, released November 12, was already the subject of some bemusement. Oopsied 80% of your eth to a diff exchange? [tweeted](https://twitter.com/cz_binance/status/1591690261029130240). “We worked with [the] Gate team and the funds were subsequently returned to our cold storage. New process and features were implemented to prevent this from reoccurring.” [would liquidate its stash](https://decrypt.co/113674/binance-moves-to-liquidate-its-entire-position-in-ftx-tokens) of FTX’s token, quickly pounced on the Crypto.com fiasco. [thread](https://twitter.com/kris/status/1591741801245052928) blasting the resulting speculation as “FUD,” Marszalek [shared](https://twitter.com/gate_io/status/1591723648691441665) a snapshot from Gate showing its reserves from October 19 without the Crypto.com funds. [added](https://twitter.com/kris/status/1591610511246102528) that all of the funds have since been returned and that Crypto.com’s dollar balance on Gate is in the single-digit millions. [tweeted](https://twitter.com/kris/status/1591605600638881792?s=20&t=z032YWdHr_xYllYWi9AWKQ) on Saturday.