- It’s about $130 million
- The reason for the massive withdrawal was an investigation
- As well as detentions on other exchanges in China
In the last 24 hours, Gate’s net outflow was $130 million. That’s about 10% of the platform’s net reserve assets ($1.26 billion). The GATE token fell 7% overnight.
The reason was rumors of an investigation against the cryptocurrency exchange Gate. Some are even writing that management has been arrested.
The platform has responded that all transactions and withdrawals are running smoothly.
The rumors of an arrest may well be confirmed, given the latest news from China. Yesterday, local police raided the office of the issuer of Stablecoin Trust Reserve. This is a company that issues offshore yuan steblecoins (CNHC and HKD). There are also rumors about the arrest of the Multichain protocol team.
The Gate.io crypto exchange left the country after the ban on cryptocurrencies in the Middle Kingdom. They also blocked mainland Chinese users from visiting their site. The platform has begun to actively develop in other countries and recently released a new Visa cryptocurrency for the Eurozone.
There is no information on the official Twitter page about the company’s problems so far. They continue to publish promos.
The platform is celebrating its 10th anniversary today, by the way.