Gate.io Dismisses Insolvency Rumors, Affirms Business Continuity Amidst Financial Speculations
Cryptocurrency Exchange Stresses Robust Operations and Launch of Gate.HK Amid Controversy
Fri, 02 Jun 2023, 10:32 am UTC
Gate.io, a renowned cryptocurrency platform, has refuted claims of insolvency, assuring users and the crypto community that its business operations and withdrawal processes remain unaffected. The statement comes in response to online speculations linking the platform to financial troubles allegedly tied to its relationship with the inter-chain transaction protocol, Multichain (MULTI).
Gate.io's leadership emphasized the company's robust operational state and highlighted their efforts to launch an affiliated trading platform, Gate.HK, based in Hong Kong.
Speculations surrounding Gate.io's financial stability gained traction following a series of events involving Multichain. Blockchain analytics firm Arkham Intelligence reported a significant influx of MULTI tokens into Gate.io on May 24, linked to rumors suggesting the Multichain team had been apprehended in Shanghai.
On May 25, Binance, another major cryptocurrency exchange, temporarily halted deposits for several tokens due to transaction delays, seeking clarification from Multichain. This further fueled speculation surrounding the situation.
Adding to the speculation, Multichain announced on May 31 that their CEO had gone missing, attributing the malfunctioning of some protocol routers to the CEO being the sole individual with server access. Additionally, images circulated on Twitter purportedly showing large deposits of FTM from the Multichain team into Gate.io.
Blockchain data confirmed that an unidentified user transferred over $10 million worth of FTM to Gate.io between May 25 and May 26. Despite the speculations, Gate.io reiterates its commitment to transparency, user security, and the growth of the global cryptocurrency ecosystem during these turbulent times. The exchange remains dedicated to providing excellent service and ensuring that controversies, including the missing CEO, do not detract from their mission to advance the field of digital currencies worldwide.
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