Is Gate Crypto Exchange Hacked? Executives Respond

Gate crypto exchange and its chief business officer Kevin Lee have refuted hack rumors and confirmed all funds are safe. The move comes immediately after some sources claimed the exchange may have suffered a hack and recommended users to withdraw their funds. Meanwhile, the community has slammed the recurrent posts regarding Gate hack.

Gate Hit With Hack Rumors

Gate crypto exchange has denied rumors of suffering a hack on December 13. However, massive amount of withdrawals were recorded as users moved holdings immediately.

Kevin Lee, chief business officer of Gate io and CEO of Gate HK, took to X and denied rumors of a hack. He said deposits, withdrawals, and trading are all currently operating normally.

In addition, he recommends users to “don’t believe the rumors” as the frequency of these posts continues to increase every month.

“Gateio as more than 100% reserves, with the latest reserves exceeds $10 billion. I’m going live on X imminently to address this unfounded rumor. Again, it’s BAU,” Kevin Lee said.

Gate official X handle reported that its security team has not detected any abnormalities, nor have any security agencies reported issues. The deposits, withdrawals, and trading are functioning normally. The latest reserves exceeded $10 billion.

GateToken (GT) Recovers to Show Confidence

GateToken price fell after the hack rumor, but jumped swiftly by 8% within hours. The price currently trades at $13.68, with a 24-hour low and high of $11.91 and $12.99, respectively. Furthermore, the trading volume has increased by 60% in the last 24 hours, indicating a rise in interest among traders.

The sources have blamed naniXBT. Gate hack news caused its GT to briefly fall by 3.8%. However, no abnormalities were found as per Arkham data.

The crypto community has faced a number of hacks, with exchanges also on the list this year. On November 28, XT Exchange reported a security breach.  The hacker reportedly stole $1.7 million worth of cryptocurrencies and converted them into 461.58 ETH.