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Comment by panphora | Hacker News Reader

A lot of users on Twitter and Reddit are reporting delays of 6-8 hours when processing withdrawals. But it looks like some/most? are eventually processed.

The CEO of Crypto.com has been doing damage control all day on Twitter. He's doing a livestream AMA on Youtube at 2AM EST.

https://www.youtube.com/watch?v=SQeqdR_nbNY

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one of the hot wallets keeps running out of ether gas to send the transactions, people are sending it ether and withdrawals are processed automatically

pretty hilarious

Ah the future of money. Bank can't give you your money because one of their accounts don't have enough money to pay for the transaction.

I mean thats current money too, banks are expected to not have enough on hand to pay out all at once

Crypto exchanges operate on a cold storage concept, how fast they can get their cold storage to their hot wallet is always a mystery

each wallet having many kinds of assets, instead of just a single asset (your local currency), instead of man hours to move those esoteric assets they just need a little transaction fee

there are a lot of ways to improve this operational experience, that this exchange just didn’t do, so even as a joke it relies on perpetuating ignorance to discredit an entire concept

FDIC has procedures for that type of bank run - company called WDTC has armored semis ready to go, FDIC can ring them up and they can move truckloads of literal cash to banks across the country.

Last time they were activated was in 2008 - supposedly there’s video somewhere.

https://www.wdtc.net/armored.shtml

FDIC’s main responsibility is to avoid bank runs and they have many tools beyond taking banks like WAMU into receivership.

That's not future. That was past and a recent one

Doing a livestream at 2 AM is not a way to restore confidence

Crypto com is based in singapore

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