Gate (GT), the native token of leading cryptocurrency exchange Gate.io, has tumbled more than 10% amid rumors about the exchange.
Gate.io’s native token GT withdraw money transactions are delayed, having liquidity problems and suffered a huge loss in value amid many claims.
The exchange responded to some of these claims by making an official statement. In the statement, all rumors FUD while stating that deposit and withdrawal transactions He emphasized that he works in a healthy way with the following statements:
Rumors about Gate.io have been circulating lately. We would like to clarify that our operations are running smoothly, withdrawals are functioning properly and as stated there are no problems with our operations or withdrawals. The Gate.io team is currently focusing on our 10th anniversary celebrations and the launch of Gate Group’s Hong Kong trading platform, Gate.HK.
Why did the Gate token crash?
It has been suggested that the main source of the liquidity problems, one of the allegations about the stock market, is the connection between Multichain (MULTI) and Gate.io, whose CEO has not been heard from for a while. In addition, Multichain team’s Gate.io large amount of transfer the stock market allegedly Chinese‘linked investigated by law enforcement specified.
According to Etherscan data 25-26 May from an unknown user in their history to Gate.io More than $10 million Phantom (FTM) has been transmitted. community doing this smuggler from fire While he claimed to belong to the Multichain team, the rumor about the police investigation quickly spread.
As a result of the speculations, according to the data provided by the on-chain analysis platform DefiLIama from the stock market, within 24 hours after the allegations made, $148 million There was a clear exit.
According to CoinGecko data, with the effect of news flow, approximately %11th local token of the depreciating exchange GT, $4.92 from the level $4.38 as much as it declined. GT at the time of writing from $4.39 is being traded.