Rumours About Gate.io Security Breach Are Not True

Key Points:

• Rumors about Gate.io security breach have been denied by the exchange, assuring users that trading, deposits, and withdrawals remain unaffected.
• The exchange emphasized its 100% reserve funds, exceeding $10 billion, and condemned misinformation while reserving the right to legal action.

Cryptocurrency exchange Gate.io has dismissed recent rumours concerning the Gate.io security breach, labelling the claims as untrue and without substance.

Read more: Gate.io Withdrawal Issue Has Been Fixed After 6 Hours Idling

The Gate.io Security Breach Is Confirmed to be Unfounded

The security team of Gate.io has given the green light for an official statement that confirmed that till now, there has been no such abnormality or any reports related to such from any security organization.

In addition, the exchange confirmed that everything is running well: deposits, withdrawals, and trading. Gate.io ensured that it is an organization of transparency with a disclaimer breath-taking by reiterating its commitment to a 100% reserve funds policy, which has recently topped more than $10 billion dollar reserves. It called industry players to promote healthy competition and work toward more transparency.

Legal Action Threatened Against Misinformation

Rumours of a Gate.io security breach that spread over social media encouraged users to withdraw their funds. However, according to data from blockchain analytics firm Arkham, the total assets on the platform have barely changed, indicating little reaction from the user base to the rumours.

In a successive statement published on its official website, Gate.io gave an order with strong condemnation against misinformation dissemination:

“We strongly condemn any actions aimed at spreading false information and creating panic, and we reserve the right to pursue legal action.”

The recent rumours come amidst a history of security challenges the exchange has faced in the past. In November 2022, Gate.io admitted to a past attack by North Korean hackers that had reportedly netted more than $234 million back in April 2018. The incident was not made public at the time.