Gate.io dismisses breach rumors as token hits new ATH

GateToken, the native cryptocurrency of the Gate.io exchange, has soared to a new all-time high. The price rally comes despite rumors spreading across social media platforms about a potential security breach on the exchange.

Gate.io swiftly responded to circulating rumors about its state of operations from several influential figures within the crypto community. The exchange’s security team took to X to reassure users, stating that no abnormalities had been detected and that no security agencies had reported any issues. 

The https://t.co/8kWqgEeplL 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!https://t.co/8kWqgEeplL maintains 100% reserve funds, with the…

— Gate.io (@gate_io) December 13, 2024

The platform insisted that all services, including deposits, withdrawals, and trading, were operating normally. 

Meanwhile, GateToken (GT) has rallied to new highs, reaching $13.82 before retracting slightly to $13.07, according to Coinmarketcap data.

The token’s year-to-date value has also soared to 179%, with its trading volume growing by more than 80% to $15.44 million in the last 24 hours.

Gate.io fends off downtime rumors 

On its official X account, Gate.io dismissed the rumors, reiterating that it maintains 100% reserve funds, with current reserves exceeding $10 billion. Kevin Lee, the exchange’s Chief Business Officer, further emphasized the platform’s security, noting that Gate.io is backed by substantial reserves and a reliable security infrastructure. 

Lee hosted a live session on X to address the misinformation directly, aiming to reassure the community and provide transparency regarding the platform’s operations.

Lee dismissed these claims as baseless and harmful, vowing to counter the misinformation with evidence during an X Spaces session. In a post on X, he criticized the spread of fear, doubt and uncertainty (FUD), calling out fabricated screenshots, nonexistent wallet addresses, and fake transaction data that were used to fuel the rumors. 

Stop spreading FUD with your fake screencaps. Nonexistent wallet addresses, fabricated transaction data, and error pages that aren’t even from our platform – enough is enough.

We reserve the right to take legal actions.

DO NOT mistake our kindness for weakness.#gateio… pic.twitter.com/6sOlGAO6z7

— Kevin Lee (@kevinlee_gate) December 13, 2024

He also made it clear that Gate.io reserves the right to take legal action against those responsible for spreading false information.

In the X space, the CBO shed light on Gate.io’s accomplishments in fostering innovation within the cryptocurrency sector. He noted that the platform’s Startup initiative has distributed over $120 million in cumulative airdrops, creating a mutually beneficial ecosystem for emerging projects and users. 

Additionally, he mentioned that Gate.io’s grid trading feature has attracted more than 300,000 users, with total transaction volumes surpassing $20 billion and nearly $2 billion in assets remaining in circulation.

Focus on AI products 

In addition to addressing the rumors, Gate.io mentioned its focus on expanding its offerings with innovative AI-powered trading tools. These include AI currency selection, the Ultra AI trading robot, and AI & social features, all designed to enhance users’ trading experiences. 

By using advanced AI algorithms to process complex trading data, these tools aim to provide personalized trading strategies, improve decision-making, and reduce risks for users.

In a December 11 X space hosted by Odaily news, Kevin Lee highlighted Gate.io’s commitment to innovation in the crypto market. Lee emphasized that the exchange’s goal is to “give innovation to the community, not give the community innovation,” echoing the importance of developing practical, user-focused technology applications. 

The conversation also touched on the future integration of AI technology in the crypto market, a topic that has garnered significant attention from industry participants.

Lee outlined Gate.io’s vision of continuing to integrate technological innovation with community development to advance the encrypted user experience globally. He reiterated that the exchange is committed to exploring new ways to improve its users’ trading experience through cutting-edge technologies and community-driven initiatives.

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