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Cronos (CRO) Price Drops 28% on Due to Proof-of-Reserve Issues

The cryptocurrency community is scrutinizing the exchange and wallet provider

On November 13, analytics company “Lookonchain” conducted some research into’s funds. Although what it found has raised some eyebrows, it is not very shocking. $2.68 billion in digital assets are stored in six Ethereum wallets and six Bitcoin wallets, it was discovered.

The exchange has more Shiba Inu (SHIB) than Ethereum (ETH). The information indicates that it owns $531 million in SHIB and $446 million in ETH. It also has its own CRO coin, worth $80 million.

Unauthorized Transfers 

40% of’s assets, according to the data provider, have low liquidity.

“If you have funds on, please pay attention to the safety of your funds. They hold a lot of $SHIB and $CRO.”

Prior to the company releasing its evidence of reserves, it also disclosed a fictitious transfer of assets. It was found that before the reserve announcement, withdrew a total of 210 million USDT from Binance and 50 million USDC from Circle.

With this weekend’s message, Binance CEO Changpeng ‘CZ’ Zhao also reiterated the cautions:’s CRO crashes

Over the weekend, CRO, the exchange’s native token, experienced a significant drop. CRO recently dropped 28% to a low of $0.056 from an intraday high of $0.078.

CRO had fallen by 50% in just seven days and was trading at about $0.060 at the time of publication. In addition, the troubled token has lost 94% of its value since hitting an all-time high of $0.965 at this time last year.

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