Cryptocurrency exchange ‘Domino Fear’ in FTX bankruptcy…

Cryptocurrency exchange ‘Domino Fear’ in FTX bankruptcy…


As FTX, the second cryptocurrency exchange, filed for bankruptcy protection, the crisis from FTX is spreading to other exchanges.

On the 13th (local time), the U.S. cryptocurrency media Coindesk reported that the coin “Kronos” issued by Crypto Dotcom, the world’s 15th largest exchange, is plunging by 20% compared to 24 hours ago.

In fact, as of 12:10 p.m. on the 14th (Korea Standard Time), Kronos is trading at $0.05718 on Coin Market Cap, a global coin market broadcasting site, down 26.95 percent from 24 hours ago.

Kronos plunged in October after it was revealed that 80% of Ethereum (about 320,000 units) owned by Crypto Dotcom was transferred to “Gate Io,” a similar cryptocurrency exchange.

This fact was belatedly known when a Twitter user checked the remittance details based on the blockchain transaction record.

Chris Mazalek, CEO of Crypto Dotcom, said, “Etherium, which was originally scheduled to be transferred to a new ‘cold storage’, an offline wallet, was mistakenly transferred to another account.”

“We’ve recovered all the Ethereum from Gate Io,” he said

But investors are rushing to withdraw money. Suspicions have spread that these exchanges are “blocking” each other by lending insufficient funds.

As a result, as of this time, cryptocurrency is falling altogether, with Bitcoin plunging more than 5% and the $16,000 level collapsing.

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