Popular cryptocurrency exchange Gate.io lost a net outflow of $150 million over the last 24 hours, which is equivalent to around 10% of its reserve assets, as a result of community rumors that the police were looking into.
Famous Cryptocurrency Exchange Gate.io Experiences $150 Million Net Outflow Amid Rumors of Police Investigation
Gate tweeted a statement claiming that all withdrawal-related concerns have been resolved and business is proceeding as usual.
What are the Rumors About Gate.io?
The blockchain analytics company Arkham Intelligence posted statistics on May 24 showing significant MULTI inflows to Gate, which sparked rumors that Gate was having financial difficulties. The inflow, according to the blockchain analytics company, was caused by claims that the protocol’s team “allegedly was arrested in Shanghai.”
The cross-chain routing technology Multichain (MULTI) has allegedly caused the cryptocurrency trading platform Gate to have liquidity issues, according to multiple Twitter channels. However, Gate has disputed these claims. The cryptocurrency exchange explained that operations are running healthy and that its primary goal is to launch Gate.HK is a related trading platform in Hong Kong.
About Gate.io
There are millions of users worldwide on this full-service marketplace for exchanging digital assets. Since its founding in 2013, Gate has regularly been one of the top 10 exchanges.
In addition to being audited to demonstrate 100% proof of reserves, the company takes pleasure in offering security that is among the best in the industry. It is a global company with operations in most nations, and it is dedicated to always abiding by local regulations.
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