After the collapse of FTX, one of the largest cryptocurrency exchanges, the attention of experts focused on all CEX industry exchanges. One of them - Gate.io. A number of studies are currently underway to help to identify hidden problems and questionable transactions.
On November 15, it became known that 4 years ago, Gate.io could have become a victim of hackers and as a result of the attack, lost more than $ 200 million. However, the leaders of the exchange preferred to hide this incident. Such information can significantly undermine customer confidence in this platform.
Also, analysts noticed questionable assets in Gate.io's total reserves and several suspicious transactions.
On October 21, Gate.io received 320,000 ETH from the Crypto.com exchange, and then between October 25 and 30, Gate.io made a reverse refund of 284,975 ETH. It is possible that the payment was in error. However, the question remains where the other 35,025 ETH went.
The transfer of 320 thousand ETH coincided with the time when Gate.io presented a report on the status of its reserves. According to the head of Binance, Changpeng Zhao, such actions may indicate serious financial problems on the exchange.
Gate.io founder Lin Han noted that the exchange regularly audits reserves and users can check all the information at any time. The auditor is Armanino. The same one that worked with FTX.
On Nov. 17, Gate.io is ranked #11 in trading volume data with $928 million.