As stated last week get off CRO - same game as FTX (Patreon)

From Sanjay - HOPE NO IA ON CRYPTO.COM: 

There’s more to the story with Crypto.com however, and many are piecing strange behavior together and concluding that they may be the next victim of this liquidity crisis. It was revealed that it sent 320,000 ETH to an exchange called Gate.io and only received 285,000 back—losing ~$40 million of client funds in the process. Many are pointing to this as potential proof of reserves fraud, whereby exchanges swap reserves between one another in order to pass audits that customer funds are backed 1:1, while others say it’s an innocuous mishap. Either way, this is questionable behavior exhibited by one of the world’s largest exchanges during a liquidity crisis, so people are going to jump on it as indicative of deeper issues. The CEO says that it was a “mistake,” a truly fishy response.

Additionally, over 5% of its portfolio is in its natively-printed exchange token, mirroring how FTX held its own token as a considerable portion of its balance sheet. For the sake of clients, let’s hope that the CRO (Crypto.com’s token, also known as Cronos) is not leveraged as was the case with FTX—per the CEO, they are not rehypothecating user funds, and all deposits are 1:1 backed with reserves.

Crypto.com has also faced a $900 million asset devaluation and bank run over the past week—its reserves are down from roughly $3 billion to $2.1 billion. Losing 30% of reserves to withdrawals in six days is a sizeable liquidity shock, but if it’s fully reserved 1:1 with customer deposits as it posits to be, Crypto.com will have no issue meeting all of these withdrawals. And if it makes it through this shock unscathed, fully meeting all customer obligations, it will substantially boost its reputation.