• The CEO of cryptocurrency exchange Crypto.com, Kris Marszalek, has relieved users of his platform after the shocking failure of rival firm FTX sparked concerns about a market contagion. He said that his company had a "tremendously strong balance sheet" and wasn't engaging in the same types of practices that caused Sam Bankman-FTX Fried's to fail last week.
• This comes after it was revealed on Sunday that Crypto.com transmitted $400M worth of ether in error to Gate.io, another cryptocurrency exchange, in October. This discovery led to concerns that the funds of Crypto.com users may be in danger.
• Gate.io and Crypto.com claimed that the messages were transmitted by accident and that they were promptly sent back to Crypto.com after the problem was discovered. The money was supposed to go to the company's "cold wallet," which is an offline cryptocurrency wallet, but instead was transferred to a corporate Gate.io account that had been whitelisted. Marszalek described it as an "operation error transfer.”