Crypto.com Accidentally Transfers $400M and Gets It Back • The Register

It was revealed over the weekend that cryptocurrency exchange company Crypto.com accidentally sent over $400 million to another cryptocurrency exchange and miraculously managed to get it back.

The accidental recipient, Gate.io, released a statement detailing how it captured the accidental deposit of 320,000 ETH ($416 million) on Oct. 21:

Gate.io wasn’t the only one to spot the bug. According to Crypto.com CEO Kris Marszalek tweeted the company’s cold wallet address, another Twitter user expressed curiosity why Crypto.com would send 82 percent of their Ethereum to Gate.io and why Gate.io would send back 285,000 ETH five to seven days later.

Marszalek chimed in with a reply: It was meant for a new cold storage address, but was accidentally sent to a whitelisted external Exchange address.

Now that’s a big oopsie.

Currency recovery is an unusual success in the crypto world, where failures usually leave investors with smoking craters to overlook.

Crypto.com once accidentally sent an Australian woman $7.2 million instead of $68.50 after accidentally entering an account number in the payment field. Eventually she was ordered to return the money with interest and costs.

Cryptocurrency bridge service Nomad had $190.7 million siphoned as part of what could be described as decentralized looting when vulnerabilities were found in its validation code. Those funds were even less recoverable.

The biggest, most recent crater is crypto exchange FTX and its founder Sam Bankman-Fried’s once-stellar reputation after funds disappeared after the company cited an “unauthorized access” that led to the company’s bankruptcy.

Many people wonder how so much went wrong so quickly. On its bankruptcy forms, FTX estimated its assets range from $10 billion to $50 billion and more than 130 affiliated companies. ®

https://www.theregister.com/2022/11/14/cryptodotcom_gateio_400m/ Crypto.com Accidentally Transfers $400M and Gets It Back • The Register

Rick Schindler

World Time Todays is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@worldtimetodays.com. The content will be deleted within 24 hours.

Related Articles

Back to top button