Gate crypto exchange has completely dismissed the allegations of a security breach made on December 13. This caused widespread concern among users, as numerous individuals suffered financial losses driven by the rumors. However, the exchange quickly dismissed such claims, stating that all the operations, including deposits, withdrawals, and trading, are normal and there are no issues with the users’ funds.
Kevin Lee Confirms Platform’s Safety
In an X post on Friday, the platform dispelled the rumors, stated that the Gate operated normally, and asked people to ignore them. The platform added that the exchange has more than 100% reserves, above $10 billion. Kevin Lee, the Chief Business Officer of Gate.io, also affirmed that security measures were not compromised and that the whole platform was functional.
The exchange also said that there were no complaints from security agencies. Soon after the first wave of panic, these messages came through to assure and relax users and regain their trust in the application.
GateToken Price Reacts to Rumors
These rumors led to a short decline in GateToken (GT) prices, which declined by 3.8% for some time. Nonetheless, the token retraced and jumped 8% shortly after the exchange’s reply. As of press time, GT is trading at $12.94, with the 24-hour low being $11.91 and the high being $12.99. GT trading volume has also increased by 98.36%, showing that many traders are still interested in the coin, even with the rumors.
The hack rumors were reported to have been initiated by NaniXBT, although Arkham data did not reveal any problems or breaches. However, the market has not reacted to the news, Gate.io is still among the top 15 exchanges in the world.
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Gate.io has always been a security-conscious platform committed to transparency. This has benefited the platform by dampening hack rumors, which affected users’ confidence and proved that the platform can be trusted.
