Sunday, November 27, 2022 Accidentally Transfers 320k ETH To Accidentally Transfers 320k ETH To

The failure of FTX brought to light the significance of proof of reserves in mitigating risks and boosting investors’ trust. As a result, prominent cryptocurrency exchanges are being urged to publicly lay down the addresses of both their hot and cold wallets. When checking to see if there was money on, information from the cold storage facility showed that on October 21, 2022, 320,000 ether (ETH) tickers worth $1,180 were sent to a wallet address associated with Accidentally Transfers 320k ETH To

Concerns were raised by a community member named jconorgrogan regarding the transfer of 320,000 ETH from’s cold wallet to This is because asserts that 100% of user-owned cryptocurrencies are held offline in cold storage in partnership with the provider of hardware wallets known as Ledger. was the recipient of this transfer.

As the conversation grew, Kris Marszalek, the CEO of, said that the assets, which at the time this article was written made up 82% of’s ETH in cold storage, had been sent to by mistake.

A spokesman for said unequivocally that their company owns the whitelisted address that can be seen on Regardless, Marszalek verified that had sent the funds back to’s cold storage. He also told the investors that new rules and features had been put in place to make it less likely that something like what happened would happen again.

It is not the first time that has been in the news due to an inadvertent transfer of funds. Back in August of 2022, it was discovered that made a mistake and handed investors in Melbourne AUD $10.5 million (worth over $7 million), instead of the AUD $100 ($67) return that was intended. The event took place in May of 2021; however, it was not found until a year later, in December of 2021, during an annual audit.

Investors now have the chance to prove the existence of their assets, which ultimately prohibits company owners from abusing the cold storage funds. This is possible because most companies that deal in cryptocurrencies are willing to show proof of reserves. 

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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