$400 million

Funds recovered by Crypto.com after misplaced Ether transfer

Crypto.com said it recovered almost $400 million in cryptoasset Ether from Asian exchange Gate.io, after it accidentally transferred the funds to the wrong account.

The company was supposed to move 320,000 in Ether to a new cold storage address — a type of offline wallet — but the funds were sent instead “to a whitelisted external exchange address,” Crypto.com Chief Executive Officer Kris Marszalek said on Twitter.

Crypto.com’s initial October 21 transfer represented more than 80 per cent of the exchange’s total Ether holdings, according to a partial proof of reserves provided by Marszalek on November 11.