Crypto News

Gate.io Denies Rumors of Withdrawal Issues After Unrelated Multichain Crisis

Cryptocurrency exchange Gate.io said on May 31 that its operations have not been affected by other incidents, contrary to rumors circulating in the community.

Gate.io reports zero issues

Gate.io said its withdrawal is working and operations are healthy. It added that “there is no problem with our operations or evacuations as rumoured.”

Speculation emerged on social media on 24 May. At the time, Arkham Intelligence said members of a separate blockchain project, Multichain, had transferred $3 million in MULTI tokens to Gate.io. Arkham also described a number of other transactions originating from Gate.io, some of which concerned MultiChain-related tokens that were later put on hold for deposit on major exchange Binance.

Although Arkham did not explicitly suggest that Gate.io itself was at risk, market activity and other events fueled the rumours. Coinsumption, a Twitter account with nearly 31,000 followers, suggested on May 31 that Gate.io “has bankruptcy problems” and advised users to withdraw their funds from the exchange.

Multichain, which is not related to Gate.io, is experiencing issues. Project team members said today that they have been unable to contact their CEO or access the project servers. Multichain has experienced transaction delays over the past several days.

Current market status of Gate.io

Gate.io’s token (GT) has apparently been affected by the rumours, as the asset lost 6.59% in value in 24 hours. In contrast, bitcoin is down only 1.4%.

Most of Gate.io’s current losses can be seen in a period of several hours when its price dropped from $4.92 to $4.49. In isolation, this change represents an 8.7% loss, although this has been offset by a partial recovery and other volatility.

Get.io token (GT) prices via CoinGecko

Gate.io’s exchange saw trading volume of around $525 million today, ranking it among the largest centralized exchanges with sub-billion daily trading volume.

Gate.io is one of several crypto exchanges looking to partner with Coinex, OKEx, Huobi and BitMEX under the upcoming Hong Kong regulations.

Posted in: Exchanges, Outage Author Mike Dalton Journalist on CryptoSlate

Before transitioning to crypto writing in 2018, Mike studied library and information science. Currently, he resides on the west coast of Canada.

Editor News Desk Editor at Crypto Slate

CryptoSlate is a comprehensive and relevant source for crypto news, insights and data. Focusing on Bitcoin, Macro, DeFi and AI.

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