There are very suspect events happening at Crypto.Com. It seems they “accidentally” sent $400 million to Gate.io. This sounds like a blatant lie given current market events.
Someone also pointed out this deposit to Gate appears to be during Gate.Io’s proof-of-reserve audit. Is it possible Crypto.Com lent them Eth so they passed the audit and appear to hold enough assets to offset customer deposits? I wouldn’t doubt it.
No one really knows what is going on. between the two but “accidentally” sending $400m is either incompetent or implausible, pick one. Either one I wouldn’t want my money on that exchange. As always, custody your own coins on a hard wallet. If you absolutely do not want to do that than use Coinbase, but this is less than ideal.
Be ready for a volatile couple of weeks.