{"id":49286,"date":"2022-11-14T12:30:05","date_gmt":"2022-11-14T12:30:05","guid":{"rendered":"https:\/\/www.threatshub.org\/blog\/another-crypto-shocker-major-player-actually-corrects-400m-mistake-instead-of-cratering\/"},"modified":"2022-11-14T12:30:05","modified_gmt":"2022-11-14T12:30:05","slug":"another-crypto-shocker-major-player-actually-corrects-400m-mistake-instead-of-cratering","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/another-crypto-shocker-major-player-actually-corrects-400m-mistake-instead-of-cratering\/","title":{"rendered":"Another crypto shocker: Major player actually corrects $400m mistake instead of cratering"},"content":{"rendered":"<p>Over the weekend it was revealed that cryptocurrency exchange company Crypto.com accidentally sent over $400 million to another cryptocurrency exchange and was miraculously able to get it back.<\/p>\n<p>The accidental recipient, Gate.io, released a <a target=\"_blank\" href=\"https:\/\/www.gate.io\/article\/28671\" rel=\"noopener\">statement<\/a> detailing how it caught on to the October 21 320,000 ETH ($416 million) accidental deposit:<\/p>\n<p>Gate.io wasn&#8217;t the only one who spotted the error. After Crypto.com CEO Kris Marszalek <a target=\"_blank\" href=\"https:\/\/twitter.com\/kris\/status\/1591036632664518657?s=20&amp;t=1brWiQ-dqPKvjPay33e71w\" rel=\"noopener\">tweeted<\/a> the company&#8217;s cold wallet address, another Twitter user <a target=\"_blank\" href=\"https:\/\/twitter.com\/jconorgrogan\/status\/1591517130150772740?ref_src=twsrc%5Etfw\" rel=\"noopener\">expressed curiosity<\/a> as to why Crypto.com would send 82 percent of their Ethereum to Gate.io and why Gate.io would send 285,000 ETH back five to seven days later.<\/p>\n<p>Marszalek chimed in with an answer: it was intended for a new cold storage address, but was accidentally sent to a whitelisted external exchange address instead.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" readability=\"7.5840978593272\">\n<p lang=\"en\" dir=\"ltr\">It was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address. We worked with Gate team and the funds were subsequently returned to our cold storage. New process and features were implemented to prevent this from reoccurring.<\/p>\n<p>\u2014 Kris | Crypto.com (@kris) <a href=\"https:\/\/twitter.com\/kris\/status\/1591605600638881792?ref_src=twsrc%5Etfw\">November 13, 2022<\/a><\/p><\/blockquote>\n<p>Now that&#8217;s a big oopsie.<\/p>\n<p>Recovering currency is an unusual success in the crypto world, in which errors usually see investors left with only smoking craters to survey.<\/p>\n<p>Crypto.com once accidentally <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2022\/08\/31\/crypto_dotcom_australia_refund\/\" rel=\"noopener\">sent<\/a> an Australian woman $7.2 million instead of $68.50 after an account number was accidentally entered into the payment field. She was eventually ordered to return the money with interest and costs.<\/p>\n<p>Cryptocurrency bridge service Nomad was drained of $190.7 million as part of what could be described as decentralized looting when vulnerabilities were found in its validation code. Those funds were <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2022\/08\/02\/flash_mob_robs_nomad_crypto\/\" rel=\"noopener\">even less recoverable.<\/a><\/p>\n<div aria-hidden=\"true\" class=\"adun\" data-pos=\"top\" data-raptor=\"condor\" data-xsm=\",fluid,mpu,\" data-sm=\",fluid,mpu,\" data-md=\",fluid,mpu,\"> <noscript> <a href=\"https:\/\/pubads.g.doubleclick.net\/gampad\/jump?co=1&amp;iu=\/6978\/reg_security\/front&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=2&amp;c=2Y3JYj@gXHxoF5L@xesHOXwAAAIY&amp;t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" src=\"https:\/\/pubads.g.doubleclick.net\/gampad\/ad?co=1&amp;iu=\/6978\/reg_security\/front&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=2&amp;c=2Y3JYj@gXHxoF5L@xesHOXwAAAIY&amp;t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0\" alt> <\/a> <\/noscript> <\/div>\n<p>The biggest, newest crater is crypto exchange FTX and the once-stellar reputation of its founder Sam Bankman-Fried after funds disappeared following what the firm is calling &#8220;unauthorized access&#8221; that resulted in the company&#8217;s <a target=\"_blank\" href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1591089317300293636\" rel=\"noopener\">bankruptcy<\/a>.<\/p>\n<div aria-hidden=\"true\" class=\"adun\" data-pos=\"top\" data-raptor=\"falcon\" data-xmd=\",fluid,mpu,leaderboard,\" data-lg=\",fluid,mpu,leaderboard,\" data-xlg=\",fluid,billboard,superleaderboard,mpu,leaderboard,\" data-xxlg=\",fluid,billboard,superleaderboard,brandwidth,brandimpact,leaderboard,mpu,\"> <noscript> <a href=\"https:\/\/pubads.g.doubleclick.net\/gampad\/jump?co=1&amp;iu=\/6978\/reg_security\/front&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=4&amp;c=44Y3JYj@gXHxoF5L@xesHOXwAAAIY&amp;t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" src=\"https:\/\/pubads.g.doubleclick.net\/gampad\/ad?co=1&amp;iu=\/6978\/reg_security\/front&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=4&amp;c=44Y3JYj@gXHxoF5L@xesHOXwAAAIY&amp;t=ct%3Dns%26unitnum%3D426raptor%3Dfalcon%26pos%3Dmid%26test%3D0\" alt> <\/a> <\/noscript> <\/div>\n<p>Just how so much went so wrong so quickly is the question on many people&#8217;s minds. On its bankruptcy forms, FTX <a target=\"_blank\" rel=\"nofollow noopener\" href=\"https:\/\/www.twitter.com\/FTX_Official\/status\/1591071832823959552\">valued<\/a> its assets at between $10 billion and $50 billion, and more than 130 affiliated companies. \u00ae<\/p>\n<p> READ MORE <a href=\"https:\/\/go.theregister.com\/feed\/www.theregister.com\/2022\/11\/14\/cryptodotcom_gateio_400m\/\">HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fellow crypto-exchange Gate.io spots error, returns funds Over the weekend it was revealed that cryptocurrency exchange company Crypto.com accidentally sent over $400 million to another cryptocurrency exchange and was miraculously able to get it back.\u2026 READ MORE HERE&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","footnotes":""},"categories":[63],"tags":[],"class_list":["post-49286","post","type-post","status-publish","format-standard","hentry","category-the-register"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Another crypto shocker: Major player actually corrects $400m mistake instead of cratering 2026 | ThreatsHub Cybersecurity News<\/title>\n<meta name=\"description\" content=\"ThreatsHub Cybersecurity News | ThreatsHub.org | Cloud Security &amp; Cyber Threats Analysis Hub. 100% Free OSINT Threat Intelligent and Cybersecurity News.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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