Cronos Crypto Rebounds After Accidental ETH Transfer

  • Cronos (CRO-USD) is rising today on news that has successfully recovered $400 million in misplaced Ethereum (ETH-USD).
  • The recovery of this ETH is the only good news for the crypto industry right now.
  • Last week’s implosion of FTX has thrown crypto into turmoil.
A concept image of the Coin token, CRO.
Source: Stanslavs /

Cronos (CRO-USD) is up 10% today on some good news. This relief comes after a disastrous last week for the crypto industry and a wild weekend for

Currently, Cronos trades for a little over 7 cents. The crypto is up after plunging over the weekend following a serious gaffe made at, which developed CRO. Apparently, the company was trying to move 320,000 Ethereum (ETH-USD) worth $400 million to its own digital wallet for safe storage. sent all the ETH to rival exchange by mistake.

Fortunately for, has safely returned all of the digital assets. That recovery now has the price of Cronos rising in a relief rally.

What’s Happening With CRO?

Not only did recover its cache of Ethereum, but the company announced that it will implement new policies to ensure that a mistaken transfer doesn’t happen again. Now, investors are bidding up CRO today on the fact that the ETH was returned without incident. But that is about the only good news for the crypto industry in recent days.

Separately, embattled crypto exchange FTX reported over the weekend that it had been hacked and $477 million of client funds had been stolen. This comes after FTX filed for bankruptcy and announced that CEO Sam Bankman-Fried had resigned. The exchange’s bankruptcy, in which it claims $8 billion in losses, has sent ripples across the entire crypto industry.

Today, Bitcoin (BTC-USD) now trades for just above $16,000. That’s a 75% decline from its all-time high of $68,000 reached in November 2021.

Why It Matters’s recovery of its missing Ethereum is a lone bright spot in an otherwise gloomy moment for digital assets. The implosion of FTX — which happened in the span of one trading week — is the most high-profile failure yet for major crypto companies. It only casts further doubts on the future of cryptocurrency.

In the last six months, multiple crypto lenders, hedge funds and exchanges have experienced liquidity crises and filed for bankruptcy, throwing the entire industry into chaos. This summer, crypto lender Celsius and crypto hedge fund Three Arrows Capital each filed for bankruptcy after stablecoin Terra USD lost its $1 peg. An industry report issued late last week claims investors around the world have lost $2 trillion on digital assets in the past 12 months.

Investors with exposure to Cronos can breathe a sigh of relief today on the good news from However, people interested in crypto should still keep the broader issues impacting the industry in mind and proceed with caution. Given the current turmoil, it may be wise to sit on the sidelines with crypto for the time being.

On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

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