Gate io denies hacking rumors amid its GateToken rally to new ATH

GateToken, the autochthonal crypto of the Gate.io exchange, has surged to a caller all-time precocious contempt rumors astir a imaginable information breach circulating connected societal media platforms.

According to CryptoSlate’s data, the token reached $13.79 earlier somewhat retreating to $13.29 astatine the clip of reporting. As the exchange’s inferior token, it provides benefits specified arsenic trading interest discounts, governance participation, and entree to token income wrong its ecosystem.

Hacking rumors

Meanwhile, this spike followed the exchange’s swift dismissal of the hacking claims.

In a Dec. 13 post, Gate.io confirmed that each services, including deposits, withdrawals, and trading, stay afloat operational. It stated:

“The Gate.io information squad has not detected immoderate abnormalities, nor person immoderate information agencies reported issues. Deposits, withdrawals, and trading are functioning normally. Please bash not judge rumors!”

Similarly, Kevin Lee, Gate.io’s Chief Business Officer, assured users that the level is unafraid and backed by reserves exceeding $10 billion.

Lee revealed plans to big a unrecorded league connected X to code the misinformation directly. He emphasized that the speech has a robust information model and maintains transparency successful its operations.

The rumors began earlier contiguous erstwhile respective crypto influencers with ample followings connected the societal media level X began circulating quality of an exploit connected the crypto exchange.

One specified account, NaniXBT, admitted to spreading the accusation without verifying it. In his post, helium disclosed that the assertion was based connected unverified input from an acquaintance and shared impulsively successful radical chats.

However, Lee dismissed the rumor arsenic an effort to dispersed fearfulness and promised to antagonistic it with grounds during an X Spaces league aboriginal today.

According to CoinMarketCap, Gate.io ranks among the apical 20 crypto exchanges globally. In the past 24 hours alone, the level facilitated astir $7 cardinal successful trading measurement and listed implicit 3,100 tokens. Its idiosyncratic basal exceeds 19 million, holding assets valued astatine $6.2 cardinal connected the exchange.

The station Gate io denies hacking rumors amid its GateToken rally to caller ATH appeared archetypal connected CryptoSlate.