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Cryptocurrency exchange Gate.io has recently been facing rumors of insolvency following the arrest of Multichain CEO Zhaojun and concerns about the Multichain treasury being backed by 30%. These rumors have led to increased withdrawals from the exchange, with a net outflow of $131 million in the last 24 hours alone. To put this into perspective, the 7-day net outflow from Gate.io is $144.8 million, per data compiled by Nansen. 

Gate.io Denies Liquidity Issues 
The rumors about Gate.io’s insolvency stem from a tweet alleging a connection between the exchange and Multichain following the arrest of Multichain CEO Zhaojun. The tweet claimed that Gate.io was facing insolvency due to its involvement with Multichain and the potential impact of Zhaojun’s arrest on the Multichain treasury.
Despite these rumors, Gate.io has disputed insolvency claims and reassured its users that all funds are safe. The cryptocurrency exchange has recently stated to address rumors about its operations and withdrawals. Gate.io has reassured users that its operations are sound, withdrawals are working properly, and there are no problems with rumored operations or withdrawals.
Furthermore, Gate.io emphasizes its commitment to providing users with safe, fast, and reliable virtual asset services and encourages users to be cautious of any unsolicited calls or messages claiming to be from Gate.io. The exchange currently holds $2.4 billion in assets, including 18% in Gate.io’s native token GT, 15% in Ethereum (ETH), 15% in Bitcoin (BTC), and other cryptocurrencies.
Despite these reassurances, the increase in withdrawals from Gate.io highlights the impact that rumors and speculation can have on the crypto market, particularly in times of uncertainty. However, Gate.io has stated that it has no direct connection to Multichain and that Zhaojun’s arrest does not affect its operations. The exchange has also emphasized that all funds are held in cold storage, providing an additional layer of security for user assets.
Binance CEO CZ Issues Warning
Binance CEO CZ has recently advised investors to Secure Asset Fund for User (SAFU) after citing a tweet from Multichain, which reported multiple issues with their protocol due to unforeseeable circumstances. The tweet stated that the team had done everything possible to maintain the protocol running but could not contact CEO Zhaojun and obtain the necessary server access for maintenance.
The tweet also mentioned an issue with the scanning node network of Router5, which affected the normal cross-chain service of some chains. To protect users’ interests, the corresponding cross-chain service for the affected chain was suspended on the User Interface (UI). This issue was also reported to have occurred on Router2 the week prior.

The timing of CZ’s advice to SAFU and the issues reported by Multichain has led to speculation that this may be an early warning to investors about the potential dangers associated with Gate.io. However, it is important to note that CZ did not explicitly mention Gate.io in his tweet, and there is no direct connection between Gate.io and Multichain.

Featured image from Unsplash, chart from TradingView.com 


Cryptocurrency exchange Gate.io has recently been facing rumors of insolvency following the arrest of Multichain CEO Zhaojun and concerns about the Multichain treasury being backed by 30%. These rumors have led to increased withdrawals from the exchange, with a net outflow of $131 million in the ...

newsbtc.com

Gate.io Faces Insolvency Issues Amid Multichain’s CEO Arrest: $130 Million Net Outflow In 24 Hours

Last week, the price of the Multichain token crashed by about 20% due to reports of withdrawals going awry. The exact reason for transactions in the Multichain token getting stuck is still unknown, although there are two theories.
Possible Legal Trouble
At first, deposits and withdrawals of MULTI were believed to be stuck due to a poorly executed system update that took far longer than usual. However, rumors that the dev team had, in fact, been arrested in Shanghai started to spread like wildfire shortly after.
These speculations remain unconfirmed. However, it has since been confirmed by the Multichain team that the CEO has gone missing, leaving the devs without the access needed to perform server maintenance, which could explain the downtime.

Following rumours of the @MultichainOrg team being allegedly arrested in Shanghai, some large holders of $MULTI have began moving funds.
Team wallets moving ~$3M of $MULTI to https://t.co/5ecSG3rKek have also spooked some investors, with $MULTI price falling 26.5% in 24h. pic.twitter.com/p2sQpu9Ass
— Arkham (@ArkhamIntel) May 24, 2023

At the time, an unknown user sent $2.75 million worth of MULTI to Gate.io, spreading concerns that the two platforms are linked.
Over the past week, even more assets allegedly belonging to members of the Multichain team have been transferred to Gate.io – most notably via a series of transactions adding up to about $10 million worth of Fantom.

[] JUST IN:
There are rumors that the https://t.co/5YQLO0SsVt team has been arrested. The Multichain team has sent https://t.co/5YQLO0SsVt $10M USD in $FTM. Is this an ongoing larger-scale issue?  https://t.co/s29KYytChM pic.twitter.com/1XXbwGMoPs
— CoinSumption (@CoinSumption) May 31, 2023

Although, at this point, we can safely say that the Multichain team is probably in a bit of a pickle, wild accusations began to fly, singling out Gate.io for allegedly running cover for the Multichain team, whom they are allegedly connected to.
Gate.io Dismisses Rumours
In order to calm the waters, the team at Gate.io published a statement, seen by Bloomberg, denying their involvement in the matter and clarifying what they’ve been up to lately.
According to the spokesperson for Gate.io, employees of the platform are more preoccupied with the 10-year anniversary of the platform they run and with the paperwork – most notably a Virtual Asset Service Provider (VASP) license – necessary for the launch of their new Hong Kong focused trading platform.
“Recently, there have been rumors circulating regarding Gate.io. We would like to clarify that our operations are running healthily, withdrawals are functioning properly, and there are no issues with our operations or withdrawals, as rumored. The Gate.io team is currently focusing on our 10th-anniversary celebration and the launch of Gate Group’s Hong Kong trading platform, Gate.HK.”
The spokesperson for Gate.io also took the opportunity to tease some upcoming goodies for the Gate community – including a series of “user campaigns” to celebrate the platform’s 10th birthday.
Following the controversy, the analytics platform Lookonchain decided to publish an updated view of assets stored on Gate.io’s platform.

Due to the drop in GateToken price and bankruptcy rumors, we updated the assets of @gate_io.
6 wallets hold a total of $1.44B in assets.
Including:
97M $GT($434M)→ 30%
149,648 $ETH($279M)→ 19%
182M $USDT→ 13%
2,612 $BTC($70M)→ 5%
6T $SHIB($52M)→ 4%
…
Hope it helps you. pic.twitter.com/QkXgidvuBn
— Lookonchain (@lookonchain) June 1, 2023

The post Gate.io Dispels Rumors About Its Demise Amid Multichain Fiasco appeared first on CryptoPotato.

The alarm was raised after a large amount of MULTI was sent to the exchange.


cryptopotato.com

Gate.io Dispels Rumors About Its Demise Amid Multichain Fiasco


Crypto exchange Gate.io’s token GateToken (GT) has sharply decreased in price following rumors that it has been affected by the Multichain incident. The exchange has stated that it is in a healthy condition.



GateToken (GT), the token of crypto exchange Gate.io, has seen a sharp drop of about 10% after it experienced heavy outflow in 24 hours. The exchange saw $148 million leave the platform in a day, and that figure looks like it will continue to increase.



GateToken (GT) Takes a Hit



According to DeFiLlama, among the top 10 centralized exchanges, Gate.io has seen the highest level of outflows. Outflows over a 7-day and 1-month period are also high, standing at $176.3 million and $222.7 million, respectively.



GateToken (GT) Price. Source: BeInCrypto



It’s unclear why so much money is flowing out of Gate.io at the moment. Nevertheless, the movement has hit GateToken (GT) hard, with the current price being $4.53. On May 31, the price was $4.87. The crypto community is unsurprisingly awash with rumors about what exactly has happened.



Gate.io Denies Multichain Incident Is Affecting It



The rumors are that Gate.io’s financial health isn’t in a very good state, with operations and withdrawals having issues. On Twitter, users have been talking about the issues of Multichain, a crypto bridge, impacting Gate.io. Multichain’s CEO is allegedly missing and unable to be reached.



Gate.io has denied these rumors and stated that “operations are running healthily.” Some of the funds being moved out of the exchange have been the MULTI token, with the price of this falling by over 26% in the last 24 hours.



Binance has already suspended deposits for several bridge tokens that use the Multichain protocol. Gate.io has not taken any such action but has said that it was focusing on launching the Hong Kong version of its platform.



FTX Collapse Helped Gate.io Gain Numbers



The collapse of FTX sent shockwaves throughout the crypto world and beyond, and Gate.io was one of the beneficiaries. The exchange saw a significant increase in usage as users flocked out of FTX and into other platforms.



Gate.io Gained Traffic Post FTX Collapse. Source: Finance Magnates



Gate.io saw a 300% decrease in search interest and a turnover of 181%. The number of weekly users during this period was also high, with the exchange seeing 1.398 million users every week.
The post Gate.io Native GateToken Falls 10% As Exchange Witnesses $148M Outflow appeared first on BeInCrypto.


Rumors are circulating that Gate.io’s financial health isn’t in a very good state, with operations and withdrawals having issues. On Twitter, users have been speculating on the issues of Multichain, a crypto bridge, impacting Gate.io. Multichain’s CEO is allegedly missing and unable to be reached...

beincrypto.com

Gate.io Native GateToken Falls 10% As Exchange Witnesses $148M Outflow

As of May 23, users can deposit and withdraw virtual assets and participate in spot trading activities.

cointelegraph.com

Gate Group launches new virtual asset trading platform in Hong Kong 

Gate Group, the company behind the popular exchange Gate.io, plans to launch a European crypto debit card to expand its reach to European countries. Users can seamlessly convert and spend their crypto assets with the card in everyday purchases. 
One of the factors that push adoption in the crypto space is continuous developments. As each firm operating in the sector expands its reach to different countries, more users will join the industry, increasing knowledge and eventual adoption. 
Gate.io Debit Card To Push Adoption 
Gate Group plans to launch the card with the support of its Lithuania-based company Gate Global UAB. According to a Twitter post, the card will enable users to complete crypto-to-fiat conversions for online and in-store purchases.

It will make the process faster and more secure, enabling the holders to buy from up to 80 million merchants that support Visa worldwide. Also, users can control their spending with the card app offering user-friendly features to manage and track expenditures on the go. 
While writing about the latest development, the Gate Group Founder and CEO, Dr. Lin Han, stated that the card would enable Gate.io users to make easy crypto payments to thousands of merchants worldwide. He went further to state that the card bridges the gap between crypto and the everyday lives of its users, promoting broader financial inclusion for them.

The Head of Crypto at Visa, Cuy Sheffield, stated that Visa aims to link the crypto ecosystem to its global network of merchants and financial institutions. 
He further noted that the Gate Visa debit card would enable users to utilize digital assets in all the places Visa is accepted globally. Sheffield also shared a post on Twitter reiterating that Visa aims to support the crypto industry. 
Gate Group Continues Support For Crypto
Since its launch in 2013, Gate Group has continued pushing the crypto industry forward with constant innovations. 
The firm has advanced in its services covering a different sector of the industry, such as establishing a crypto exchange, developing a public blockchain, providing wallet services, supporting the decentralized finance movement, venturing into research and analysis, engaging in venture capital investing, creating startup incubator labs and others.

The popular Gate.io crypto exchange under the group offers extensive trading services integrating the innovative Proof of Reserve to uphold transparency in operations. The exchange records more than 12 million users worldwide and is amongst the top 10 exchanges on Coingecko based on trading volume and liquidity. 
Featured image from Pixabay and chart from Tradingview.com


Gate Group, the company behind the popular exchange Gate.io, plans to launch a European crypto debit card to expand its reach to European countries. Users can seamlessly convert and spend their crypto assets with the card in everyday purchases.  One of the factors that push adoption in the crypto...

Gate price	$4.44
Low - High 24H	$4.34 - $4.44
Market cap	$616.71M
Volume 24H	$385,333.00
All time high	$12.94 -65.72% May 12th 2021
All time low	$0.25754 1622.56% March 13th 2020
Genesis date	N/A

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