balance sheet is strong with minimal FTX exposure: CEO

Sahana Kiran
Source – Bitcoinist

The crypto industry has been constantly hit with multiple crashes. The ongoing collapse of Sam Bankman Fried’s FTX has instilled extreme fear among the entire community. While several continued to speculate more downfalls of prominent exchanges,’s collapse was being highly discussed.

Over the last week, the exchange’s native asset Cronos or the CRO token recorded a drastic drop of 43 percent. Following this, the community expressed concerns about another possible liquidity crisis. However, appearing in a recent interview, the CEO of Kris Marszalek affirmed that the exchange wasn’t going anywhere.

Marszalek noted that it did have exposure to the dramatic collapse of FTX. However, this was limited to $10 million. He further went on to confirm that entailed a strong balance sheet.

Additionally, acknowledging the flow of funds between FTX and, Marszalek revealed “We recovered $990 million from FTX.”

Contrary to the association between FTX and Alameda and FTX’s token, FTT, CRO,’s token, has never been utilized as loan collateral, according to Marszalek. At present, withdrawals have been functioning normally on the platform with the exception of assets related to GALA, SRM as well as Ray.

Further affirming that the business was cash flow positive, he added, “We’re never going to raise funds.” CEO addresses $400 million mishap

On Sunday, Marszalek revealed that the exchange had accidentally sent a whopping $400 million worth of Ethereum [ETH] to the wrong wallet address. Even though it was returned, the community expressed concerns.

In the interview, the CEO noted

“The funds were at no risk of being lost. The system would not allow us to send money somewhere it can’t be recovered.”

In order to transmit these scales, all addresses must be whitelisted and authorized, according to Marszalek. The money was returned after increased the corporate account’s daily transfer limit, and the intended address was’s corporate account at the payment processor.