Token Creator Claims Crypto.com’s Security Lapses Caused Fund Loss. Sold House for Legal Fight Against Crypto.com’s Parent Company, Forix Dax. Worries About Internal Traders Might Lead to Regulatory Attention.
Bryan Lawrence, the person behind a token, wanted to list it on Crypto.com. Instead, he had to sell his house to fight a legal case because he believes the exchange was careless. He also mentions that the stress from this caused stomach problems and he had to go to the hospital four times.
Lawrence Points Finger at Security Shortcomings:
On August 18, Bryan Lawrence, the person behind Glow Token, used a platform called X (formerly Twitter) to announce that he’s taken legal action against Forix Dax. This is the company that owns the big cryptocurrency exchange called crypto.com. He’s blaming them for being careless.
He says that someone, either from inside the company or outside, somehow got into the company’s private messages. They took advantage of the company’s weak security to take money that Lawrence had kept aside for launching a new token called FLARE for Glow Token.
Even though Lawrence thought he had been very careful during the process of getting his token listed on crypto.com by double-checking every step and reviewing the agreement, he later found out that he had never actually talked to real employees of the company.
On March 16, he got a message from the exchange saying he had fallen for a scam. When he called the exchange to check the chat history to make sure his transactions were okay, they blocked his access. Soon after, they sent him a letter telling him to stop.
Because of this situation, Lawrence has faced financial problems and his health has suffered too.
He had to sell his beloved home, which was a tough decision because it meant a lot to him. Lawrence is currently getting medical help for his stomach problems that he says are a direct result of all this bad news.
“I’m talking to experts in the hope of getting better,” Lawrence says.
Concerns Arise About Recent Conflicts of Interest at Crypto.com:
This follows recent news that Crypto.com might face regulatory attention due to its use of in-house traders.
On June 19, there were reports suggesting that Crypto.com might have its own teams for trading on the market and for its private trading.
But, the fact that the exchange uses its own traders has not been made known to the public. Crypto.com’s top leaders apparently strongly reject any idea that the company is involved in trading.
What’s more, employees have apparently been told to say that the exchange never had its own trading team.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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