Earlier today, on the 7th of December 2022, Kris Marszalek, who is the chief executive officer, took to his Twitter page to make a thread disclaiming the news of bankruptcy and folding that have befuddled his firm for a while now.
He went on to state the narrative is nothing but peddled lies that started from associating the failure of his startup with himself. He further acknowledged that he knew more would come, but he would remain ready to tackle them.
Rumours Of Insolvency Are Nothing But Peddled Lies
The circulation of news of bankruptcy and insolvency is not an uncommon occurrence in the crypto industry. Especially with the famous crypto exchange FTX declaring bankruptcy in November and a number of crypto firms following suit and packing up as a result, many members of the community have made it a necessary thing to predict which crypto firm will pack up next.
However, it appears that the case for crypto.com is quite special, as Kris seems to imply from his Twitter thread. According to him, it appears that the peddlers of lies are specifically directing their focus to the failure of his electronics company, Starline, in 2004.
Also read:In the thread, the CEO explained what went wrong with his company and why his past failures do not necessarily have to define him. While extending a piece of advice not to borrow from the bank to start a business, Kris stated that everything eventually went south because he had borrowed money.
Starline, which he had started in 2004, was doing quite well and had grown quite considerably until 2008, when the worldwide economic crisis happened. He explained that it got so bad that they had to forcibly sell assets owed about $2.5 million to the bank.
After repaying his loan by 2012 through the resources he made from his online commerce enterprise, he went on to found crypto.com in 2016.
The CEO said that he learned some valuable lessons from the crash, and his mistakes from then are responsible for the fine man he is now and his crypto exchange.
FUD News is Reasonably Justified
In reaction, a couple of his followers on Twitter have told him to release the numbers of his exchange instead of trying to gather self-pity.
According to them, seeing that since the fatal fall of the popular crypto exchange FTX, crypto.com has only made a partial disclosure of its reserves, all is definitely not well with the exchange.
These people have stated that their fears of the occurrence of a likely contagion are justified, and instead of gunning for a pity party, Kris Marszalek and his team need to do better.
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