As a seasoned analyst with years of experience navigating the tumultuous seas of the cryptocurrency market, I find myself both relieved and somewhat amused by the recent turn of events surrounding Gate crypto exchange. The rapid denial of hack rumors by Gate’s Chief Business Officer Kevin Lee and the subsequent swift recovery of GateToken (GT) price is a testament to the resilience of this exchange and its community.
Gate cryptocurrency exchange and its top executive, Kevin Lee, have dismissed hack allegations, assuring that all user funds are secure. This statement was issued swiftly following reports suggesting a potential hack incident at the exchange, which prompted users to withdraw their assets. However, the community has strongly criticized continuous speculations about a Gate hack.
Gate Hit With Hack Rumors
On December 13, Gate crypto exchange refuted allegations of a security breach. Instead, it appears that many users swiftly withdrew their assets from the platform.
As an analyst, I can confirm that Kevin Lee, the Chief Business Officer at Gate io and CEO of Gate HK, recently addressed rumors circulating about a potential hack on their platforms. In a statement, he assured that all deposits, withdrawals, and trading activities are functioning smoothly and without interruption at this time.
Furthermore, he advises users not to give credence to the rumors since their occurrence seems to be on an upward trend each month.
Kevin Lee stated that Gateio maintains over 100% reserves, with the current reserves surpassing $10 billion. He plans to debunk an unsubstantiated rumor on X live soon. In other words, it’s business as usual for Gateio.
According to the latest report from Gate Official X’s security team, there have been no unusual activities detected, and no security agencies have flagged any problems. Transactions such as deposits, withdrawals, and trades are proceeding smoothly. Moreover, the current reserves surpass $10 billion.
Your assets are safe. ‘s PoR is ～ $10 billion. Don’t buy into the FUD.
— Dr. Han (@han_gate) December 13, 2024
GateToken (GT) Recovers to Show Confidence
As a crypto investor, I experienced a dip in GateToken’s price following unconfirmed hack rumors, but it quickly surged by an impressive 8% within just a few hours. Currently, the token is trading at $13.68, with a 24-hour range of $11.91 (low) to $12.99 (high). Interestingly, the trading volume has seen a substantial 60% increase over the past day, suggesting heightened interest among traders.
According to various reports, naniXBT has been accused of being involved in the Gate hack incident. This news led to a temporary drop of 3.8% in its stock price. Nevertheless, an investigation by Arkham revealed no unusual activities or irregularities.
This year, the crypto community has experienced several cyber attacks, including incidents involving digital exchanges. On November 28, XT Exchange disclosed a security incident where an unidentified hacker allegedly swiped $1.7 million in cryptocurrencies and subsequently transformed them into about 461.58 Ether.
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2024-12-13 12:57