Security News > 2022 > November > Another crypto shocker: Major player actually corrects $400m mistake instead of cratering

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

After communicating with Crypto.com and confirming that it was an operation error transfer, we immediately started the asset return process and assisted in returning all the wrongly transferred assets.

After Crypto.com CEO Kris Marszalek tweeted the company's cold wallet address, another Twitter user expressed curiosity as to why Crypto.com would send 82 percent of their Ethereum to Gate.io and why Gate.io would send 285,000 ETH back five to seven days later.

Marszalek chimed in with an answer: it was intended for a new cold storage address, but was accidentally sent to a whitelisted external exchange address instead. Now that's a big oopsie.

Crypto.com once accidentally sent an Australian woman $7.2 million instead of $68.50 after an account number was accidentally entered into the payment field.

The biggest, newest crater is crypto exchange FTX and the once-stellar reputation of its founder Sam Bankman-Fried after funds disappeared following what the firm is calling "Unauthorized access" that resulted in the company's bankruptcy.

News URL

https://go.theregister.com/feed/www.theregister.com/2022/11/14/cryptodotcom_gateio_400m/