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

crypto exchange Gate.io said May 31 Contrary to rumors circulating in the community, its operation has not been affected by other incidents.

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.”

There was speculation on 24 May on social media. At that time, Arkham Intelligence said that Members of a separate blockchain project, Multichain, transferred $3 million of 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. Recommended on Consumption, a Twitter account with nearly 31,000 followers May 31 He said Gate.io was “suffering from bankruptcy” 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.

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.

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