Crypto.com's native token price fell 28% after concerns about the exchange's reserves

Crypto.com, a centralized exchange, came into the spotlight a week after the collapse of FTX. Its native token, CRO, fell nearly 30% in one day.

On November 13, analyst firm Lookonchain surveyed Crypto.com's reserves. What the company found was "mildly surprising." It found that Crypto.com wallets hold $2.68 billion in digital assets. 

The exchange holds more Shiba Inu (SHIB) than Ethereum (ETH). According to the data, it holds $531 million in SHIB compared to $446 million in ETH. In addition, the exchange holds $80 million in its own CRO token.

The data provider warned that 40% of Crypto.com's assets have low liquidity, adding, "If you have funds on Crypto.com, please pay attention to the safety of your funds. They hold a lot of $SHIB and $CRO."

The source also reported a still unclear transfer of assets before the company released proof of reserves. Crypto.com was found to have withdrawn 210 million USDT from Binance and 50 million USDC from Circle before announcing their reserved funds.