The fall of FTX highlighted the importance of proof of reserves in averting risks and improving investor confidence, urging leading crypto exchanges to publicly list down their cold and hot wallet addresses.

When trying to confirm the availability of funds on Crypto.com, cold store information revealed a suspicious transfer of 320,000 Ether.

Regardless, Marszalek confirmed that Gate.io returned the funds to Crypto.com's cold storage and reassured the investors that new processes and features were implemented to prevent a reoccurrence.

While on-chain data confirms that Gate.io returned 285,000 ETH back to Crypto.com, Marszalek stated that all funds were returned.

Further investigation showed that the missing 35,000 ETH was sent to a different address, which is yet to be confirmed by the crypto exchange.

Back in August 2022, it was found that Crypto.com accidentally sent AUD $10.5 million to Melbourne-based investors, which was supposed to be an AUD $100 refund.

We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves and https://t.

With most crypto businesses willing to share their proof of reserves, investors now have the opportunity to confirm the existence of their funds, which ultimately prevents business owners from misusing the cold storage funds.