Cryptocurrency platform Crypto.com has recently recovered 320,000 ETH valued at nearly $400 million that it had mistakenly sent to an address on the Gate.io exchange, the platform's CEO Kris Marszalek has announced.
Last November 11, Crypto.com disclosed information about the balances of its hot and cold wallets. According to the Nansen dashboard, the platform holds more than $2.4 billion in digital assets. At the same time, more than 22% of the funds come from the Shiba Inu meme token (SHIB).
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After that, some users reported that on October 21, Crypto.com sent 320,000 ETH to a Gate.io address. Marszalek then said the transaction was made by mistake.
He said:
"It was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address. We worked with Gate team and the funds were subsequently returned to our cold storage. New process and features were implemented to prevent this from reoccurring."
Gate.io has confirmed the refund.