Crypto.com CEO Kris tweeted in response to the transfer of about $1 billion to FTX, saying "We have minimal exposure to FTX (less than $10 million) and only use it as a trading venue for hedging client trades , never used the funds for FTX or any third party’s income”, and stated that Crypto.com deposited USDC in FTX in order to use it to buy other tokens, and then transfer back to Crypto.com’s wallet, “for the exact same reason Reason, Coinbase also has $15 million in FTX, because some FTX-related tokens (SRM, RAY, etc.) only have good liquidity on FTX.”