Accidentally: Crypto.com sends 320K ETH to Gate.io; Recovered the fund in a day
New York City: Crypto.com, a cryptocurrency exchange that allows users to buy and sell digital currencies such as Bitcoin, Ethereum and Ripple, has reportedly returned the majority of its lost ETH tokens after accidentally sending them to a wallet belonging to one of their competitors. The incident occurred on April 12th when Crypto.com accidentally sent about $90 million worth of Ethereum tokens to an unknown wallet address. A series of transactions shows a total balance of 320,884 ETH was transferred to what appears to be a Gate.io wallet – a competitor which has been in business since 2013 before shutting down in 2017 due to financial issues related to its operations at the time.
Crypto.com accidentally sent about $90 million worth of Ethereum tokens to an unknown wallet address
- The amount of funds that were accidentally sent: 320,000 ETH (or about $90 million USD)
- The total value of the funds: $99.9 million USD
- The wallet address where they were sent: 0x8a8D716B06C78fA35e2b76A2E1A60c9F9B3851AA
A series of transactions shows a total balance of 320,884 ETH was transferred to what appears to be a Gate.io wallet
Crypto.com, a cryptocurrency exchange and payment service provider, suffered a major hack earlier this year. In February 2019, blockchain information was stolen from their database and distributed across several different accounts on the Ethereum network.
The company has been working hard to recover funds since then but has not yet disclosed any further details about what happened or how much money was lost in this incident. However, a series of transactions shows that 320k ETH (about $1 million) was transferred from Crypto’s wallet to what appears to be Gate’s wallet on March 15th at approximately 4:00 AM UTC time zone which translates into 7:00 PM Pacific Standard Time in California where Gate is based out of San Francisco Bay Area city Berkeley California USA but could also mean anywhere else on Earth where there are people who speak English as their native language too!
The transaction is said to have been performed by mistake
According to Crypto.com, the funds were sent by mistake. The transaction was performed by mistake. The transaction was an accident, or unintended by the CEO of Gate.io (a cryptocurrency exchange).
The ICO of Crypto.com had been scheduled for December 1st, but it was postponed due to technical issues that were delaying its release. This resulted in a lot of investor money being lost as well as ETH being transferred from their wallets into Gate’s account instead of theirs – something that could have been prevented if proper steps had been taken beforehand!
Crypto.com CEO Kris Marszalek confirmed the return of the funds and reassured investors that new processes and features were implemented to prevent a reoccurrence
The funds have been returned and new processes and features have been implemented to prevent a reoccurrence.
“We are pleased that all ETH was fully refunded back to our contributors in full,” said Kris Marszalek, CEO of Crypto.com. “While we understand that this was an error on our part, we want to reassure everyone who contributed during the time frame they invested into our platform that their investment will be fully protected.”
The founders committed around $600,000 in order to make the project work.
The founders of Crypto.com decided to invest their own money into the project. They were confident that it would work and weren’t afraid to take risks, believing in their product and knowing it would succeed.
It took them several years of hard work before they reached success with a new way for consumers around the world to pay for goods and services online using cryptocurrency as payment method instead of fiat currency such as dollars or euros.
The Crypto.com team has committed over $600,000 to make this project work and we are happy to see that they have eventually achieved their goals. It is still unclear which wallet or address was used during the transaction, but investors should rest assured knowing that new processes and features were implemented to prevent any other issues like this from happening again.