Bitget: Seeking 100 UK Elite Traders for the chance to win ยฃ35,000 Bitget: Seeking 100 UK Elite Traders for the chance to win ยฃ35,000
News
Gate.io denies rumors of withdrawal issues following Multichain’s unrelated crisis 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.

Gate.io denies rumors of withdrawal issues following Multichain’s unrelated crisis

Cover art/illustration via CryptoSlate

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 Token (GT) prices via CoinGecko

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.

Posted In: Exchanges, Outage