GateToken (the native crypto for the Gate.io platform) has surged up to a new high despite rumors of a security breach circulating in social media.
According to CryptoSlate’s data, the token reached $13.79 before slightly retreating to $13.29 at the time of reporting. As the exchange’s utility token, it provides benefits such as trading fee discounts, governance participation, and access to token sales within 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 all services, including deposits, withdrawals, and trading, remain fully operational. The statement read:
“The Gate.io security team has not detected any abnormalities, nor have any security agencies reported issues. Deposits, withdrawals, and trading are functioning normally. Please do not believe rumors!”
Similarly, Kevin Lee, Gate.io’s Chief Business Officer, assured users that the platform is secure and backed by reserves exceeding $10 billion.
Lee has revealed that he plans to conduct a live broadcast on X, to deal with the false information directly. He stressed that the exchange maintains a transparent operation and possesses a strong security framework.
Earlier today, several influential crypto users with large social media followings began spreading news about an exploit in the cryptocurrency exchange.
One such account, NaniXBT, admitted to spreading the information without verifying it. He revealed in his post that this claim was made based on unverified information from a friend and spread impulsively through group chats.
Lee has dismissed it as a rumor meant to incite fear, and will provide evidence to back up the rumor during X Spaces later today.
Gate.io is ranked among the 20 largest crypto exchanges in the world by CoinMarketCap. Over 3,100 coins were listed on the platform in the past 24 hour period. The platform has a user base of over 19 million users, who hold assets worth $6.2 billion.
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