The duo allegedly went on a spending spree with Crypto.com’s funds, buying four houses, vehicles, art, furniture and gifts, but 7 million AUD has now been returned.
Crypto.com invests $145M in new European headquarters
The Singapore-based crypto exchange announced Paris, France as its regional headquarters after receiving its French Digital Asset Service Provider license in September.
Crypto.com downsizes some sports partnership deals amid market downturn: Report
The crypto exchange reportedly cut the scope of sponsorship agreements inked with sports organizations including the Angel City Football Club, the 2022 FIFA World Cup and Twitch Rivals.
Crypto.com scores fresh regulatory approval in France
The digital asset platform was focused primarily on acquisitions and sponsorship deals through the bull market but now seems to have shifted toward expansion, especially in Europe.
Crypto.com backs out of $495M sponsorship deal with UEFA Champions League: Report
The crypto exchange reportedly stepped in as a potential sponsor after the Champions League dropped Russian state-owned energy firm Gazprom.
KBW 2022: Crypto.com hits key regulatory milestone in South Korea
“This is an exciting next step for Crypto.com in an important market,” said co-founder and CEO Kris Marszalek.
Cronos Chain Mainnet Upgrade Announcement Pushes CRO Prices Higher
Cronos (CRO), the 24th-ranked cryptocurrency by market cap and the native token of the Crypto.com exchange, is among the top performers on the weekly chart and has made a significant gain of 10.02% over the past day. However, the announcement of the upcoming Cronos Chain mainnet upgrade is one of the main drivers of CRO’s strong performance.
The first blockchain network to enable DeFi, NFTs, and the metaverse on top of both the Ethereum and Cosmos ecosystems is Cronos. By giving developers the option to rapidly move applications and digital assets from other chains with minimal cost, high throughput, and quick finality, it seeks to expand the Web3 user base dramatically.
The price of Cronos is currently $0.146602, with a stunning increase of 716.64% in trading volume over the last day, reaching $163,572,518. According to Coinmarketcap’s data, its market worth is currently $3,836,821,843 and has increased 10.56% over the past 24 hours. Moreover, CRO has risen by 10.26% over the past 24 hours and 26.5% over the last seven days.
Since its ATH price of $0.965407 approximately eight months ago, the coin has fallen by 84.7%. CRO reached its highest point in November 2021 but then began declining. In January 2022, CRO dropped to $0.34, but it rapidly rose to $0.541955 on February 9. After that, the price fluctuated between $0.35 and $0.50 in March and April.
CRO is currently trading at $0.1510 on the daily chart | Source: CROUSDT From Tradingview
Unfortunately, the price kept falling steadily from May, hitting a low of $0.16267 for the month before decreasing to $0.10049 on June 18. The price fluctuated throughout July between $0.10 and $0.12, but it finally concluded the month with a slight gain in value at $0.135367.
Cronos Chain Mainnet Upgrade
In a blog post on August 1, Crypto.com revealed that the Cronos Chain’s next Mainnet Upgrade would occur at the height of block 3,982,500, set on August 3, 2022, 02:00 UTC. This upgrade includes a number of changes, the main goal of which is to increase network scalability and make system improvements.
The blog post also states:
To ensure the safety of users’ funds during and after the upgrade, we will temporarily suspend deposits and withdrawals of CRO and all CRC20 tokens in both the Crypto.com App and Exchange during the network upgrade.
Additionally, it ensures that trade in CRO and CRC20 coins won’t be impacted. When the network appears to be stable, they will restart deposits and withdrawals after closely monitoring the situation.
On their blog post on Medium, the Cronos team also made this announcement yesterday:
We are proposing a network upgrade for the Cronos mainnet beta to take place on August 3, 2022. On that date, node operators will need to upgrade their cronosd binary to the latest version at a specific block height.
According to their statement, all node operators will upgrade their node binary after the upgrade block height so that their node can keep up with the chain. The bulk of the validators will be updated before the chain is paused and brought back online.
Featured image from Flickr, chart from Tradingview.com
Crypto.com scores regulatory approval from Cyprus SEC
Crypto.com exchange follows in FTX’s footsteps by targeting aggressive expansion in Europe after receiving CySEC approval.
Crypto.com secures regulatory license in Italy
The mobile-first cryptocurrency exchange recently received regulatory approvals to operate in Greece, Singapore and Dubai.
Crypto.com gets nod in Dubai and FTX launches in Japan
Crypto.com will have further requirements before its full license is granted in the “near-term” and FTX said the move would allow it to work “directly with Japanese regulators.”
Crypto.com (CRO) slumps 30% as staking rewards are slashed
The world’s sixth-largest exchange has shot itself in the foot by announcing substantial reductions in rewards for its Visa cardholders, causing CRO price to tank.
CRO Coin Falls 19% After Crypto.com Announces Rewards Cut Down To Cardholders
On Monday, Crypto.com’s Cronos (CRO) slide followed suit with a sharp drop after the crypto exchange said it was reducing some staking and rewards tied to its popular pre-paid Visa cards.
According to Tradingview.com, the coin dropped by 19% to $.265. On Sunday before the announcement, CRO was trading above $.33 per coin.
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Crypto.com announced the changes in a blog post:
To ensure long-term sustainability, we are introducing a number of changes to the CRO Card rewards programme, effective 1 June 2022 00:00 UTC.
CRO Card Rewards Cut Down
Next month, the company will reduce the usage rewards on four of the exchange’s card tiers. The most premium tier, the Obsidian tier, will see a Cronos card reward reduction from 5% to 2%. In addition, the Icy White / Frosted Rose Gold tier reward will be pulled down from 3% to 1%.
The top tier of the company’s card program, Obsidian carries a $400,000 staking requirement and offers up to 8% cashback at retailers.
CRO price trading at $0.27 after company announcement of rewards cut down | Source: CRO/USD price chart from Tradingview.com
According to company policy, there will be a limit on how much a person can earn CRO card rewards for two tiers. For example, the Ruby Steel Card earns are limited to $25 or equivalent in other fiat currencies like Dollars and Euros. While for the Royal Indigo/Jade Green tier, the cap is set at $50.
In Addition, Crypto.com is phasing out CRO staking rewards for cardholders. Cards include Jade Green, Royal Indigo, Frosted Rose Gold, Icy White, and Obsidian. Staking rewards involves coin owners “locking up” or delegating a portion of their crypto holdings to earn more interest on deposits.
While explaining staking rewards, the exchange said;
Cardholders with an active 6-month stake and who staked before 1 May 2022 13:00 UTC will continue to earn CRO Card rewards on spending at the current rate until their 180-day stake expires. Thereafter, the revised rates will apply. Cardholders who stake CRO after their 180-day lock expires will earn card spending rewards as per the schedule.
Cronos Price Performance
Since the start of January 2022, Cronos has been trading lower. The price of CRO was over $0.50 at the beginning of the year, but it has been retreating since then. At one point, CRO was close to sliding below $0.30. Cronos’ price skyrocketed during the NFL Super Bowl. But after that, there hasn’t been any sign of a recovery as the price of CRONOS crashed continuously.
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In the last 24 hours, CRO started the day in green, but after the company announcement price crashed below $0.30. Since then, the coin has lost 19% of its value and reached $0.26 lowest level.
Featured image from Flickr, chart from Tradingview
Aussie convenience store giant to accept crypto at 170 outlets
On The Run (OTR) will work with Crypto.com to implement its Pay Merchant product, with a Sydney payment systems provider rolling out new terminals to allow consumers to pay with crypto.
Crypto.com becomes official sponsor of 2022 FIFA World Cup in Qatar
Though trading cryptocurrencies has been largely illegal in Qatar since 2018 , Crypto.com is likely to reach a more international crowd given the popularity of soccer on the world stage.
Crypto.com rolls out its exchange platform in the United States
The exchange is initially available to waitlisted users and will be available to more people soon.
South Park destroys Matt Damon’s Crypto.com ad in season premiere
“We just have to be brave… But not too brave or else Matt Damon will come and take all our money,” said characters on the animated series, hinting at the crypto market downturn.
LeBron James and Crypto.com team up for blockchain education initiative
The education initiative aims to help 1,600 school children in LeBron James’ hometown. But not every Crypto.com user seems to be happy about the partnership.
Australian Football League Bags $25 Million Sponsorship Deal With Crypto.com
Sponsorship deals have become part of the measures that crypto-related companies employ in widening the knowledge and acceptance of cryptocurrency, one of the recent deals in the Australian Football League (AFL) and Crypto.com.
Most of these sponsorships have been on sporting teams, with more football and basketball.
This deal comes as the number 1 primary crypto sports sponsorship for AFL as this deal with Crypto.com will be backing its women’s league (AFLW).
The sponsorship deal, about $25 million, is expected to last for five years. It depicts an increase from the current $18.5 sponsorship contract AFL has with Toyota.
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This Crypto.com partnership with AFL represents its first sponsorship for an Australian sports team. Also, it stands as the initiating move from the crypto exchange in supporting an elite women’s sports competition globally.
Reacting to the milestone created by the sponsorship, Kylie Rogers confirmed that she is proud to be a part of it.
The general manager said that the AFL is proud of receiving the honor as the first Australian Sports league and the global elite women’s competition to partner with Crypto.com. She stressed their excitement in working with a company with the same passion. And for the progress and sustainability of elite sports and technology.
Reason Behind Sponsorship Deal With Crypto.Com
Karl Mohan, the general manager of Asia and Pacific of Crypto.com, is on his part. He revealed that his company’s attraction came from the high volume of interested women in cryptocurrency.
Mohan stated that their latest research on their Australian customers revealed female investors in cryptocurrencies were over 53%. The general manager mentioned that such a discovery is quite encouraging.
According to Mohan, this indicates that crypto adoption in Australia cuts across all levels without any inhibition from either gender or background. So, Crypto.com is pleased to serve as their beck-on-call platform for any of their crypto-related activities.
In August, a survey from CNBC disclosed that women’s participation in crypto investments is far below half of their male counterparts. The report indicated that while 16% of men were involved, only 7% were recorded.
The Singapore-based crypto exchange, Crypto.com, provides many crypto services to its customers. These include digital wallets, crypto-backed debit cards, and others.
In addition, the crypto exchange has had several sponsorships deals from sports brands within the past few months which amounts to more than $1.5 billion.
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Crypto.com, in June ending, bagged a $100 million sponsorship deal with Formula 1. This was followed closely with its July partnership with the UFC worth over $175 million.
Furthermore, mid-November saw the company with a new agreement of renaming the Staples Center in Los Angeles to the Crypto.com Arena. The deal worth over $700 million is expected to cover the next 20 years.
The total crypto market cap stays below $2 trillion | Source: TradingView.com
Featured image from Pixabay, chart from TradingView.com
Crypto.com Adds Jon Russell As Asian Based General Partner
The Singapore-based company, Crypto.com, has hired the former TechChurch and The Ken reporter, Jon Russell as their Asian-based general partner. And with this new development, they hope to expand Fund further.
Crypto.com’s $200 million Web 3 fund came into existence in March 2012. As of Monday, intending to expand via the venture arm of investing in Series A stages, project at seed and crypto startups, has grown expectedly.
Russell, during an interview, made known that the fund is believed to rise to double its current size and will be announced in a few days.
Crypto.com is still hiring GP’s, but with the help of Russell, the fund’s acknowledgment will extend to that Asia-based project. Though Bobby Bao, Crypto.com co-founder, currently runs the fund.
Things To Know About Jon Russell
Jon Russell is a Uk citizen based in Bangkok. He has lived in Thailand since 2008. In 2014 Jon Russell became a reporter for TechChurch focused on all tech-related issues in Asia. Especially all the major names in India, China, and Southeast Asia.
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With this, he changed the daily life of people across Asia. And his knowledge and influence in the tech and crypto field are precisely one of the reasons Crypto.com has hired him as one of their General partners in Asia.
Crypto.com Expansion in Asia
The Capital prior investment of Crypto.com comprises liquidity provider Woo Network and the first fractional-algorithmic stablecoin protocol Frax Finance.
VCs to allocate stock to the ecosystem regardless of the bear market. This leaves Sino Global Capital opening to outside investors through a $200 million fund and FTX ascertaining a $2 billion investment.
On June 17, 2021, Crypto.com was integrated into the biggest and most effective digital asset transfer network for institutions, Fireblocks Network.
And this helper, Crypto.com, reaches about 400+ institutional participants in their network, thereby helping them grow trading volume and global level. In addition, one of the largest banks in the Singapore region, DBS Bank, is now operating a crypto trading desk.
And recently, a majority stake in Thai cryptocurrency exchange Bitkub was amassed by Siam Commercial Bank (SCB), Thailand’s bank.
Innovation Officer Mukaya Tai and SCB 10x Chief Venture have proclaimed that she foresees world DeFi protocols have interposed banks. Huge institutional yearning for digital assets is quickly growing in Asia.
Related article | Largest DeFi Hack Yet? BadgerDAO Hack Results In Loss Of $120M+
Crypto has earned about 2 million transactions and USD 1 billion in TVL and spotlighting projects like VVS Finance and a couple of others. Moreover, Crypto.com motivated developers to build on Cronos via the Cronos Bounty Programme. It will grant USD 1,337,133.7 as the biggest reward and a Hackathon.
Featured Image From Twitter
Crypto.com Restores Withdrawals After Reportedly Losing $15m To Hackers
Crypto.com, the popular cryptocurrency exchange platform, halted all deposits and withdrawals on Monday, January 11, citing “unauthorized activity” on some accounts. It has, however, reinstated some accounts and withdrawal services, noting that the accounts are now safe.
News From Yesterday
According to security and data analytics firm PeckShield, Crypto.com has been the latest target of a cyberattack, with about $15 million worth of cryptocurrency stolen. At least 4,600 Ether has been taken from some of the exchange’s accounts.
Crypto.com issued a tweet informing users that a number of users have reported suspicious behavior on their accounts. Withdrawals will be temporarily halted as their staff investigates the situation. All of the monies are safe, according to the message.
We have a small number of users reporting suspicious activity on their accounts.
We will be pausing withdrawals shortly, as our team is investigating. All funds are safe.
— Crypto.com (@cryptocom) January 17, 2022
Dogecoin (DOGE) founder Billy Markus spotted a strange transaction pattern on Etherscan, leading the firm to suspend all transactions until it can figure out what’s wrong with their platform.
Several users reported on social media that their tens of thousands of dollars worth of digital assets had vanished from the exchange.
I really hope @cryptocom gets their shit together. Because a lot of theft is going on and if you check https://t.co/tO1rPRGTgC from the cryptocom wallet address. You’ll see a bunch of 2ETH to 5ETH transactions being sent to wallets with single transactions. How did it bypass 2FA?
— BEN BALLER
(@BENBALLER) January 17, 2022
Ben Baller, a cryptocurrency enthusiast and jeweller, claimed that his account had been hacked and that he had lost 4.28 Ether (ETH) (about $15,000). He also said he used two-factor authentication, meaning that the suspected criminals had to get around some of Crypto.com’s security measures.
BTC/USD yet to break psychological barrier. Source: TradingView
Tornado Cash was used to move the funds, making it harder to track. Technical glitches on cryptocurrency trading platforms have been increasingly widespread in recent months. Even some of the most prominent crypto exchanges have experienced significant disruptions during peak period.
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Crypto.com Lost $15 Million To The Hack
Although Crypto.com claims that the accounts are safe, Peckshield, a blockchain security and data analytics firm, claims that the exchange has lost a whopping $15 million in the recent theft, or at least 4,600 ETH.
The @cryptocom loss is about $15M with at least 4.6K ETHs and half of them are currently being washed via @TornadoCash https://t.co/PUl6IrB3cp https://t.co/6SVKvk8PLf pic.twitter.com/XN9nmT857j
— PeckShield Inc. (@peckshield) January 18, 2022
CEO Kris Marszalek stated on Twitter that no customer funds had been lost. In reaction to the event, the Crypto.com team reinforced the exchange’s security infrastructure, he noted. The security incident is currently being investigated internally at the exchange.
Some thoughts from me on the last 24 hours:
– no customer funds were lost – the downtime of withdrawal infra was ~14 hours – our team has hardened the infrastructure in response to the incident
We will share a full post mortem after the internal investigation is completed.
— Kris | Crypto.com (@Kris_HK) January 18, 2022
After hours of waiting, Crypto.com tweeted that security on all accounts is being increased out of an abundance of caution, asking users to sign in to their App & Exchange accounts and Reset their 2FA. They also stated that this update will be gradually given out to users over the next few hours. Withdrawals will be re-enabled once this process is completed. They stated that they recognize that this may be inconvenient for users, but that security comes first.
With over 10 million customers, Crypto.com is one of the most popular trading platforms in the United States. We’d like Crypto.com to provide us with more information about this.
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