Cryptocurrency exchange Gate.io announced that it will file lawsuits against those spreading rumors of its bankruptcy if they do not stop their actions.
The social media rumors about Gate.io's bankruptcy come after a series of Multichain-related events.
"Legal action will be taken against people who cause panic among investors with only rumors and gossip, without relying on any specific source," Gate.io said in a post on its Twitter page.
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On May 31, Multichain published a notice that its CEO was missing and that some of the protocol's routers were no longer working because its 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 these events led to rumors that the protocol's management had been arrested and that Chinese authorities had confiscated more than $1.5 billion worth of smart contracts.
On the same day, the cryptocurrency exchange said it was operating as usual and had not imposed any restrictions.
Also due to problems with Multichain, cryptocurrency exchange Binance suspended deposits for 10 intermediate tokens on the BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchain networks.
Founded in 2013, crypto exchange Gate.io offers its clients all the options to trade a wide range of cryptocurrencies and tokenized assets. Deposits and withdrawals are processed quickly, and all major transfer methods are offered. Also, the exchange has an advanced security system and a reserve fund.
