The crypto market is in ‘red’ today, except the two major coins and a few others. Moreover, one digital currency that lost a huge value is Crypto.com’s Cronos (CRO) coin. It lost more than 16% on Monday morning.
What is CRO?
Cronos (CRO) is the native digital currency of the Crypto.com Chain. The coin was launched as a part of the company’s vision of “putting cryptocurrency in every wallet.” The coin went live in November-December 2018. The coin was introduced to aid investors on Crypto.com Chain. They can stake their coins as validators on the platforms and earn fees for transactions on the portal. Further, they can use these to settle transaction fees incurred. The coin was earlier named as Crypto.com coin, however, it later rebranded as Cronos.
Coin’s Performance
Cronos launched at $0.0153 and at the time of writing it was trading at $0.2929, down by 16.49. However, it suggests a whopping gain of 1,814.37% since its launch. Moreover, CRO’s market capitalization at press time stood at $7.40 billion, down by 16.10%. However, the trading volume of the coin at that point was $282.06 million, up by a huge 385.70%.
On November 23, 2021, it reached its All-Time-High of $0.9698 and started dropping after that. The coin saw a similar decline like today’s on November 25, 2021, and fell by 17.91% and was priced at $0.6901 against $0.8407 the previous day.
However, despite the aforementioned decline, in November, the coin almost tripled. It was the top-performing crypto this month, surging by 226%. The increase was much higher than the second position holder, Avalanche (AVAX), which gained 83%. The had skyrocketed when Crypto.com announced new marketing strategies. One of the initiatives would involve hiring the Oscar-winning actor Matt Damon for an advertisement campaign.
Crypto.com’s Loss
Crypto.com, the trading platform, had lost approximately $34 million in cryptocurrency in a hack on January, 16. After “suspicious activity” was detected that day, Crypto.com halted all withdrawals for about 14 hours, forcing all users to reset their two-factor authentication methods.
“All withdrawals on the platform were suspended for the duration of the investigation. Any accounts found to be impacted were fully restored.” Crypto.com said in a statement.
According to the report, the company’s risk monitoring systems detected unauthorized activity a few days prior, when transactions for a small number of accounts were approved without two-factor authentication. As a result, the cryptocurrency exchange halted withdrawals on the evening of January 16.
