Crypto.com CEO warns: More targeted FUD is coming.
Crypto.com CEO Kris Marszalek teased on Twitter that more FUD is coming, hinting that it may revolve around personal scandals. He revealed a past business failure and emphasized that he has nothing to hide.
1) More FUD targeting https://t.co/pFc4Pz9nFR is coming, this time about a business failure I had very early in my career. I have nothing to hide, and am proud of my battle scars, so here’s the unfiltered story 🧵
— Kris | Crypto.com (@kris) December 7, 2022
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Electronics Company Hit by Financial Crisis
Kris started an electronics company, Starline, in 2004, building factories in China and exporting worldwide. By 2007, the company had a revenue of $81 million and nearly 400 employees.
After the financial crisis, due to large loans Kris had used as collateral, the company went bankrupt in 2009. He learned:
Never borrow money or rely on leverage to drive business growth.
Avoid business models that involve selling more but losing more.
Always be prepared for financial crises.
Transition to E-commerce Sector
After transitioning to the e-commerce sector, Kris fully repaid bank loans in 2012, including the total principal and interest. He eventually sold the group-buying website Beecrazy for $21 million.
Kris emphasized many challenges in entrepreneurship and continuously advocated for ideas like "don't give up" and "learn from failures," without mentioning how rumors might affect Crypto.com.
In mid-November, Crypto.com faced scrutiny due to a high Shiba Inu coin reserve ratio and large transfers of crypto assets around audit periods.
Sponsorship of the 2022 World Cup
This image is from the match between South Korea and Portugal, sourced from the internet.
