Back (CRO) Exchange Went Down, CEO Explains What Happened

Well-known systems went down today, both in app and exchange modes. It may restore operations in 48 hours

article image
Cover image via

Major centralized cryptocurrencies storage and exchange ecosystem, (CRO)well known for its crypto-fiat credit card system, has gone down today, Sept. 21, in the early morning hours (UTC). Kris Marszalek, CEO of the exchange, reported details of an accident and the expected recovery timeline.

Database issues provided opportunities for unfair arbitrage

According to the official announcement by Mr. Marszalek, the exchange encountered "issues" with the database connection. As a result, the outage followed and operations were damaged. However, tech savvy users noticed something strange and tried to benefit from it:

They attempted to manipulate the Ethereum (ETH) price and take profis immediately. Thus, the traders of initiated a massive sell-off of assets to various coins. But once they tried to withdraw funds, malicious activity was stopped by security systems.

Mr. Marszalek admitted that, to deal with the aftermath of this accident, some trades and transactions considered "illegitimate" would need to be reversed. Pre-attack balances will be restored. The team estimates the approximate maintenance time to be 24-48 hours and stresses that it is very "complex" process.

To avoid such accidents in the future, will analyze what has happened and strengthen all systems, Mr. Marszalek emphasized.

So the funds are safe?

The CEO of confirmed that crypto and the fiat riches of its users are safe and unaffected by the accident. He estimated the overall monetary loss of as "negligible" due to the timely reaction of anti-fraud systems.

At press time, the App is up and running, while the exchange is still undergoing maintenance. Deposits, withdrawals and cross-asset trades are temporarily halted until further notice.

Recently, has expanded into the segment of decentralized financial instruments (DeFis). It invited all liquidity providers to participate in the DeFi Swap initiative.

Also, was among the first exchanges to allow purchasing of the much-overhyped UniswapV2 governance token (UNI) with credit cards.

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

article writer image
Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)