Crypto.com halts withdrawals as users are experiencing "supicious activity"
Hi HODLers,
If you have been following me for some time, even if I use the Crypto.com Visa Card, I have never been a fan of this exchange/blockchain. They have screwed users in the past through their MCO -> CRO conversion and all their PR stunts make me worried.
I honestly know very few crypto users trading or using their platform and they have been known to pump their token to give discounts, cashback or other advantages that work only because they print and distribute as much CRO as they want.
Their Blockchain has almost no developers, their Trading app suck so except having a Visa card I do not know why people like it. Do you?
Also, as long as CRO price is not 0 they can print free money.
As seen with MCO, I expect that once they will have distributed most of their CRO tokens, they would do something funky to get the control back one way or another.
What exactly happened?
Short answer is: "we do not know yet".
It all started with Billy Markus, Dogecoin founder who noticed weird activity on Etherscan.
A few hours later, Crypto.com took the decision to pause withdrawals and stated that "Funds are safe".
Soemthing that I find very strange is that it would be someone having nothing to do with Crypto.com's audit/security team that would sound the alarm. I mean, if this guy did not see it, maybe hackers/thieves would be still getting ot user's account without any alarm going on at Crypto.com?
This does not look good as we even heard from Crypto enthusiast having some of their funds removed from their Crypto.com account.
Crypto.com might allow withdrawals back in the next hour or so as at around 16:00 UTC, CEO Kris Marszalek tweeted that final checks were being made prior to withdrawals being resumed in the following 30-60 minutes.
I hope you have not been affected by this issue and that we will get to the bottom of it in order to learn what happened.
Stay safe out there, it is still the Wild West!
Sources:
Crypto.com pauses withdrawals due to ‘suspicious activity’, Cointelegraph
Crypto.com Suspends Withdrawals Following 'Unauthorized Activity', Coindesk
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Never user their exchange, got a mate that did well because did the ruby card when CRO was pennies, he made like 20k on CRO only, I only have the 2% cashback card with 400$ staked but never used the exchange and not planning to 😂
I don't like them but they have like 1B for marketing so yeah I jumped on the train too 😂 Just to have the card and that 2% cashback, but looks like they have a massive backlog, ordered the card like a month ago and still nothing...
Great info, thanks!
Do not get me wrong, I did too. But if I look at the corporate Crypto space, Crypto.com has not the highest trust out there :D.
At least on my side.
20k$ in 2% cash back sounds great ! I guess he staked some juicy CRO and spent a lot of money during that time. Good for him !
Thanks for the nice comment mate.
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Oh nono he made 20k because he staked when CRO was like 0.01 and unstaked and sold at 0.70 🤣 sorry I didn't explain myself properly
2% cashback ain't shit, I mean cool, but for us poor bastards what is a 2% cashback gonna do 🤣
Thanks man 🙏 😎
Never a dull day in crypto!
I remember having $MCO and Tenx ($PAY) in my portfolio back in 2017.
Hope the funds are safe with Crypto.com
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Oh I remember those days ! Who would have known we would come this far hehe :D
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I'm back in now. 12:35 EST. Had to reset my 2FA, everything is how it should be.
Glad to hear you are back online and were able to safely change your 2FA.
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I do some staking in their DeFi wallet and use the exchange rarely if I want to do some simple swapping.
First time I've been locked out of their service like that. Exciting morning for all the wrong reasons.
Just a while ago my cousin was trying to buy some CRO but bank transfer was not loading, don't know why.
He could not transfer the funds to Crypto.com ? Or he did and it just did not show up on his balance?
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He could not load balance to crypto.com.
The withdrawals are resumed as the chief mentioned. CRO is doing well with marketing but they could not get the portion that they aimed to in the crypto market. I really wonder the future of it.
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It seems to me they get people with their card and "free" CRO cashback but can not manage to make traders and institutions use their platform. So they have quite a low revenue per user (if any).
Fortunately they pay users with CRO which they basically had for free :D
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https://twitter.com/VinnieLemon/status/1483135383273553921
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I gave since 3 days an account there.
So i didn't have any krypto there.
Isn't this how it happens allways or most time? Most time other people find bugs, strange this.... and many big Companys have bug bountys
I have their card but I do not hold any stake (so I don't have the perks) because I do not trust them at all.
I bought their ICO and they lost my trust with the MCO to CRO move. They were almost out of MCO and their wallets were drying up so they had to create a chain where they can print as they please. Not good.
The card is cool though. I wish they the best because I want to believe they are going to thrive. I have no idea what they could do to earn my trust back, but I hope they work for it, because the perks of the cards are good, but not worth the risk so I use it as a normal card because the cashback without stake is not bad.
I don’t like centralized stuff. But they have good marketing
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They indeed do ! Nobody can criticize this.
They are literally daily on US Television.
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I have the card, but haven't used it much. I ordered it just in case...
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Lol, I recently sold my CRO and moved my funds to HIVE hahahaha
Good move hehe 😉
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It sounds like a PR nightmare and I wonder what actually happen. Did they get hacked or did employee go rogue?
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I did not see any update yet. I would thing the latter but let’s wait for an official statement
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So the eth got stolen is it, loved that review you have of cryptocom, i had that token, it suddenly took off, so i exchanged it for someother crypto, and regreted coz price of Cro or mco or whatever kept booming...
anyway... i don't hold cryptos of projects i am not very clear about. I know they are great pr guys!!
now, do you know where i can check the volume of trades of particular crypto, for cro it looks to have decent umber of trades, so how to verify how many less retailers are holding this coin?
https://www.coingecko.com/en/coins/crypto-com-coin#markets
Yes for CRO it is nice but you need to see volume by exchange.
Here: https://coinmarketcap.com/rankings/exchanges/ you can see that Crypto.com is number 10 in terms of volume.
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