Cryptocurrency exchange Gate.io has released a rebuttal to rumors about its illiquidity and withdrawal problems.
The rumors spread quickly online after some channels on Twitter claimed that the exchange was insolvent due to a possible link between it and the Multichain cross-chain router protocol (MULTI).
The rebuttal published on the Gate.io website states that the exchange is operating as usual and that its activities are now focused on celebrating its 10th anniversary and launching the Gate.HK trading platform in Hong Kong.
The rumors stem from a series of developments related to Multichain. On May 24, Arkham Intelligence released information indicating a large influx of MULTI on Gate.io, which they believe is related to rumors that the protocol team has been arrested in Shanghai.
On May 31, Multichain posted a notice that their CEO was missing and that some of the protocol's routers were down because their executive had access to the servers in question. Immediately following these events, Twitter began posting images of large FTM transactions on Gate.io, allegedly from the Multichain team.
All of this contributed to rumors that the cryptocurrency exchange had been compromised by Multichain.
In its response, the exchange wrote: "There have been rumors about Gate.io recently. We would like to clarify that our transactions are working fine, withdrawals are working properly, and there are no issues with our transactions or withdrawals as described online."
"We remain dedicated to providing excellent products and services, ensuring the security of your digital assets, and delivering a positive trading experience," the exchange said in a statement.
We previously wrote that Gate.io launched a new platform in Hong Kong.
Founded in 2013, the Gate.io exchange offers clients access to a wide range of cryptocurrencies and tokenized assets. The platform is notable for its fast deposits and withdrawals.
