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This Friday, the crypto exchange, Gate.io, strongly denied rumors of an alleged hack against its trading platform. It should be noted that it is one of the largest digital asset exchanges in the world. According to CoinMarketCap, this exchange ranks 12th globally in trading volume.
In any case, the platform’s board categorically denied the rumors and threatened to take legal action against the spreaders of those messages. “We reserve the right to take legal action,” they wrote in a statement shared on the X social network.
From the exchange, they asked people not to believe false rumors and stressed that the funds on the platform are completely safe. “The Gate.io security team has not detected any anomalies and no security agency reported problems,” they say. Next, it adds that deposits, withdrawals and all trading options work normally.
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Rumors of the alleged hack were present in Telegram groups and on
The https://t.co/8kWqgEeplL security team has not detected any abnormalities, nor have any security agencies reported issues. Deposits, withdrawals, and trading are functioning normally. Please do not believe rumors!https://t.co/8kWqgEeplL maintains 100% reserve funds, with the…
— Gate.io (@gate_io) December 13, 2024
There are no visible problems on the Gate.io exchange
It is important to highlight that all the facts indicate that the alleged hack of the exchange is false information. In that sense, DeFiLlama data shows that the platform’s total asset amount remains unchanged. The latter indicates that users are not intimidated by the hacking rumor.
As already mentioned, in another publication on its official site, the exchange’s board threatens to take legal action. As expected, for an exchange the departure of its users’ funds translates into a fatal blow to its continuity. In simple words, the hacking rumor is intended to bring down the aforementioned platform.
The FTX case in 2022 is one of the most iconic. After some publications, which were echoed by the then CEO of Binance, Changpeng Zhao, users carried out a massive withdrawal from that exchange, which caused its bankruptcy. Although FTX was a fraudulent platform (something that cannot be said for Gate.io), the damage that a rumor can cause is enormous.
The latter pushes the board of the crypto exchange Gate.io to threaten to take legal action against those who carry out these claims. The question in this case focuses on why this exchange is specifically targeted. There are two possible reasons, the first is that its direct competitors want to get it out of the way, and the other is that it actually has problems and the rumors come from internal sources.
So far, neither of them can be considered proven.
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