The native cryptocurrency of the Gate.io exchange has achieved a new all-time high despite widespread rumors of a potential security breach circulating on social media.
Record-Breaking Token Performance
Data from CryptoSlate reveals that the token peaked at $13.79 before settling slightly lower at $13.29 at the time of writing. As Gate.io’s utility token, it offers users perks such as trading fee discounts, governance rights, and exclusive access to token sales within the platform’s ecosystem.
Addressing Hacking Allegations
The price surge coincided with the exchange’s firm denial of the hacking rumors.
On Dec. 13, Gate.io issued a statement confirming the uninterrupted operation of all services, including deposits, withdrawals, and trading. The exchange reassured users, saying:
“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!”
Additionally, Kevin Lee, Gate.io’s Chief Business Officer, assured users of the platform’s safety, highlighting its reserves exceeding $10 billion.
Commitment to Transparency
To further address user concerns, Lee announced plans to host a live session on X (formerly Twitter) to directly confront misinformation. He emphasized that Gate.io operates with a strong security infrastructure and prioritizes transparency.
Rumors Sparked by Unverified Claims
The rumors originated earlier today when several influential crypto accounts on X began sharing reports of an alleged exploit.
One influencer, NaniXBT, admitted to spreading unverified information obtained from an acquaintance. He later clarified that the claims were shared impulsively in group chats without proper verification.
Lee dismissed the rumors as baseless fear-mongering, vowing to counter them with evidence during the upcoming X Spaces session.
Gate.io’s Market Position
Gate.io remains one of the top 20 crypto exchanges globally, according to CoinMarketCap. Over the past 24 hours, the platform has facilitated nearly $7 billion in trading volume and supports over 3,100 listed tokens. With a user base exceeding 19 million, Gate.io holds assets valued at $6.2 billion.
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