Gate.io denies rumors of withdrawal issues following Multichain’s unrelated crisis Gate.io denies rumors of withdrawal issues following Multichain’s unrelated crisis
Arkham Intel and other high-profile accounts likely spurred those rumors.
2 min read
Updated: Jun. 1, 2023 at 2:31 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Gate.io said on May 31 that its operations have not been impacted by other events, contrary to rumors circulating in the community.
Gate.io reports zero issues
Gate.io said that its withdrawals are working and that operations are healthy. It said that there are “no issues with our operations or withdrawals as rumored.”
Speculation emerged on social media on May 24. At that time, Arkham Intelligence said that members of a separate blockchain project, Multichain, had moved $3 million dollars of the MULTI token to Gate.io. Arkham also described several other transactions taking place to and from Gate.io, some of which concerned Multichain-related tokens that were later halted for deposit on the leading exchange Binance.
Though Arkham did not explicitly suggest that Gate.io itself was at risk, market activity and other events provoked rumors. Coinsumption, a Twitter account with nearly 31,000 followers, suggested on May 31 that Gate.io was “having insolvency problems” and advised users to withdraw their funds from the exchange.
Multichain, which is not related to Gate.io, is experiencing issues. The project’s team members said today that they are unable to contact their CEO or access project servers. Multichain has experienced transaction delays over the past several days.
Gate.io’s current market standing
Gate.io’s token (GT) has apparently been impacted by rumors, as the asset’s value is down 6.59% over 24 hours. Bitcoin, by contrast, is down just 1.4%.
Much of Gate.io’s current losses can be traced to a multiple-hour period when its price fell from $4.92 to $4.49. In isolation, that change represents a loss of 8.7%, though it has been offset by partial recoveries and other fluctuations.
Gate.io’s exchange saw about $525 million in trading volume today, positioning among the largest centralized exchange with sub-billion daily trading volumes.
Gate.io is one of several crypto exchanges that intend to operate under upcoming Hong Kong regulations alongside CoinEx, OKX, Huobi, and BitMEX.
Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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