Crypto.com, one of the world’s largest crypto exchanges and the world’s largest network of credit cards with cashback in crypto (through the proprietary token Cronos, CRO) is, according to several industry experts, experiencing a “run on the branches” to which apparently he is failing to cope.
If this were confirmed, the reason would be quite serious: it would mean that Crypto.com does not actually hold the crypto deposited by customers.
Many industry experts speak of imminent failure, even a matter of hours. Meanwhile, the CRO token is crashing, a sign that users are trying to get rid of the token en masse and/or that the company is selling tokens on the market to acquire crypto or cash to meet withdrawal requests.
The tweets and social messages of the last few hours on «Crypto.com bankrun»
Below are a series of tweets and social posts regarding the story. The comments are divided between the observation of an ongoing bankrun (bank run) to the invitation not to hold one’s crypto on the exchange. Obviously all these messages have the effect of helping to bring about the phenomenon they tell
PEOPLE ARE CURRENTLY TRYING TO BANKRUN ON CRYPTO .COM LET’S SEE IF IT WILL SURVIVE WITHOUT INTERRUPTING THE WITHDRAWALS.
— GURGAVIN (@gurgavin) November 13, 2022
Withdraw your crypto from #CryptoCom change for safety.
— Mr. Whale 🐳 whalechart.org (@WhaleChart) November 13, 2022
GET YOUR MONEY ON CRYPTO(.)COM NOW!
— Crypto Rover (@rovercrc) November 13, 2022
There is no shortage of comments that recall how, faced with a bankrun phenomenon, even a traditional bank would be pushed into bankruptcy by its own customers:
People blindly trust them #CryptoCom #FTXfailure pic.twitter.com/OQ2CJHS6UC
— Rickyedgo.crypto (@Ricky_edgo) November 12, 2022
We can testify directly that of 2 withdrawal requests made this afternoon, November 13, 2022, only one in ethereum was successful while the one in bitcoin was not.
Remembering that it is never a good idea to leave cryptocurrencies on the wallets of an exchange (in fact they must always be kept on a private and local wallet) we will continue to follow the evolution of the story.
7:16 pm
BTC withdrawal still in progress
2 hours after the transfer request, the withdrawal of bitcoins from the account we have access to is still not performed. On the Crypto.com app the same is “pending”.
The timely execution of the ETH withdrawal is confirmed.
