Asian cryptocurrency exchange Gate.io announced that the abnormal increase in the exchange’s transaction volume was due to the activity in the market.
Gate.io’s trading volume was above the exchange’s normal on December 4. to $4 billion, which is several times rose. The community of the RATS token developed on the Bitcoin blockchain over the BRC-20 protocol, Gate.io making fraudulent transactions blamed and for the stock market calling for boycott found.
The Gate team said in a statement on the subject: “We have confirmed that this was due to significant market volatility that day, which caused issues with the trading strategies of some of our institutional quantitative users. “It is common for institutional users to change their strategies during periods of market volatility, and this does not impact the overall functionality of our platform.” said.
Developed by Casey Rodarmor, the BRC-20 protocol has enabled the development of many tokens linked to the Bitcoin blockchain. Gate’s statement included the following about the RATS community:
“With regard to RATS operations and ecosystem, we would like to reiterate that Gate.io is always committed to providing maximum support to RATS and its community. “As RATS’ premier trading platform, we contributed to 90% of trading volume and today manage 22% of total asset volume.”
Gate.io also cited a self-shared proof of reserve, stating that its reserves are more than 100% for all BRC-20 tokens, including ORDI, SATS, RATS, MAJO, TRAC, VMPX, NALS, CSAS, PEPEBRC, PIZABRC, and MUBI.
A few days ago, Hong Kong cryptocurrency exchange HashKey also experienced an unusual $4.5 billion reaching transaction volume led to speculation.