Gate io denies hacking rumors amid its GateToken rally to new ATH

GateToken, the native crypto of the Gate.io alternate, has surged to a brand new all-time excessive regardless of rumors a few potential safety breach circulating on social media platforms.

In keeping with CryptoSlate’s knowledge, the token reached $13.79 earlier than barely retreating to $13.29 on the time of reporting. Because the alternate’s utility token, it offers advantages corresponding to buying and selling charge reductions, governance participation, and entry to token gross sales inside its ecosystem.

Hacking rumors

In the meantime, this spike adopted the alternate’s swift dismissal of the hacking claims.

In a Dec. 13 submit, Gate.io confirmed that each one providers, together with deposits, withdrawals, and buying and selling, stay totally operational. It said:

“The Gate.io safety workforce has not detected any abnormalities, nor have any safety businesses reported points. Deposits, withdrawals, and buying and selling are functioning usually. Please don’t consider rumors!”

Equally, Kevin Lee, Gate.io’s Chief Enterprise Officer, assured customers that the platform is safe and backed by reserves exceeding $10 billion.

Lee revealed plans to host a dwell session on X to handle the misinformation straight. He emphasised that the alternate has a sturdy safety framework and maintains transparency in its operations.

The rumors started earlier right now when a number of crypto influencers with giant followings on the social media platform X started circulating information of an exploit on the crypto alternate.

One such account, NaniXBT, admitted to spreading the knowledge with out verifying it. In his submit, he disclosed that the declare was primarily based on unverified enter from an acquaintance and shared impulsively in group chats.

Nonetheless, Lee dismissed the rumor as an try and unfold worry and promised to counter it with proof throughout an X Areas session later right now.

In keeping with CoinMarketCap, Gate.io ranks among the many high 20 crypto exchanges globally. Within the final 24 hours alone, the platform facilitated practically $7 billion in buying and selling quantity and listed over 3,100 tokens. Its consumer base exceeds 19 million, holding belongings valued at $6.2 billion on the alternate.