Gate io denies hacking rumors amid its GateToken rally to new ATH Gate io denies hacking rumors amid its GateToken rally to new ATH
Gate.io stated that it remains fully operational with assurances of $10 billion reserves against unfounded exploit claims.
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Updated: Dec. 13, 2024 at 10:59 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
GateToken, the native crypto of the Gate.io exchange, has surged to a new all-time high despite rumors about a potential security breach circulating on social media platforms.
According to CryptoSlate’s data, the token reached $13.79 before slightly retreating to $13.29 at the time of reporting. As the exchange’s utility token, it provides benefits such as trading fee discounts, governance participation, and access to token sales within its ecosystem.
Hacking rumors
Meanwhile, this spike followed the exchange’s swift dismissal of the hacking claims.
In a Dec. 13 post, Gate.io confirmed that all services, including deposits, withdrawals, and trading, remain fully operational. It stated:
“The Gate.io 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!”
Similarly, Kevin Lee, Gate.io’s Chief Business Officer, assured users that the platform is secure and backed by reserves exceeding $10 billion.
Lee revealed plans to host a live session on X to address the misinformation directly. He emphasized that the exchange has a robust security framework and maintains transparency in its operations.
The rumors began earlier today when several crypto influencers with large followings on the social media platform X began circulating news of an exploit on the crypto exchange.
One such account, NaniXBT, admitted to spreading the information without verifying it. In his post, he disclosed that the claim was based on unverified input from an acquaintance and shared impulsively in group chats.
However, Lee dismissed the rumor as an attempt to spread fear and promised to counter it with evidence during an X Spaces session later today.
According to CoinMarketCap, Gate.io ranks among the top 20 crypto exchanges globally. In the last 24 hours alone, the platform facilitated nearly $7 billion in trading volume and listed over 3,100 tokens. Its user base exceeds 19 million, holding assets valued at $6.2 billion on the exchange.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
