Crypto.com tanks!

in #crypto3 months ago

https://www.wsj.com/articles/crypto-com-withdrawals-rise-after-ceo-admits-transaction-problem-11668350510

What a horrible time to have a transaction problem and then the run begins. I was wondering what the crazy situation was today and holy cow. All praise the sacred bovine of cryptocurrency and hopefully we can see some relief.

However this definitely doesn't help the situation and the entire world is watching how badly this really is collapsing.

Everybody kept saying that this was such an amazing service and I think the sacred bovine crypto gods were able to let me know what's going on.

There is this big fear that we are going to see the collapse of this crypto token and absolutely in this day and age a run can collapse a fledgling business no matter how much they spent on advertising. I'll just be honest they didn't spend enough on infrastructure because I couldn't even get an account over technical issues at that company. So I'm standing on the sidelines with no real stress as I don't have any money that is going to get lost in this situation.

And even in this podcast people are starting to wonder what is going on with these exchanges. A lot of fishy behavior has been raising some red flags with the world community not happy about how a lot of these exchanges are handling or mishandling funds and of course our money.

For some reason they decided to send 400 million dollars to the wrong wallet which it is really too bad that money wasn't sent to my cryptocurrency wallet so I guess it is quite a shame that I never got a wallet as some lucky dog got hooked up.

Wow and this absolutely starts to smell like an inside job with some crazy situations coming around. And it's really not the first time this has happened so absolutely no way this could be a mistake and has to be an inside job.

They sent $7 million to an Australian woman and took 7 months to realize their mistake. Absolutely some kind of criminal negligence is going on.

Having an exodus of individuals starting to pull their funds from this exchange most likely is going to result in a phenomenal collapse as I'm not sure if this company is going to be able to manage and has enough liquidity to cover this run before investors freak out.

Apparently this exchange has a massive investment in Sheba so possibly look to see a price increase if crypto.com 20% or that might be end up being dumped on the market to raise liquidity which again might have a ripple effect too further depress our cryptocurrency market.

On this podcast I'm hearing over and over a lot of talk about how crypto.com there's a lot of responsibility for the reputation of our cryptocurrency world however just because something says something doesn't mean it is actually true.

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It's a pity. In my opinion, they have been the most trustworthy exchange. But, I don't know that they'll survive a protracted bank run.

Posted Using LeoFinance Beta

I was extremely frustrated at no customer service no support and an English loop when I tried to sign up. Maybe they should have invested in themselves instead of letting things get this bad.

Of course sending 440 million of assets to somebody else isn't exactly a smart business model.

That absolutely smells of an inside job.

They do seem to have a knack for stepping on dog poo. They can be running along fine. Then, they'll do something boneheaded out of nowhere.

Posted Using LeoFinance Beta

Absolutely there needs to be a lot more oversight with these exchanges if they are to keep community trust and the only way I can see that is for transparency and blockchain technology!!!

I really can't wait until we have our own exchange here!!!!