The rumors, which began spreading on X and Telegram in the early hours of Friday, encouraged users to withdraw their funds immediately.
Popular crypto exchange Gate.io has reacted to the rumors circulating online about a supposed security incident on its platform. The rumors, which began spreading on X and Telegram in the early hours of Friday, encouraged users to withdraw their funds immediately as the platform had been successfully hacked. This led to widespread panic, causing users to wonder about the safety of their funds and assets.
Gate.io Dismisses Security Breach Claims as Social Media Panic Fizzles Out
In a rather quick response, however, Gate.io has come forward to deny those claims. The platform warned users to pay no attention to such rumors, reassuring them that their funds and accounts are safe. Part of the company’s post on X reads:
“The Gate.io security team has not detected any abnormalities, nor have any security agencies reported issues.”
Also, the team noted that deposits, withdrawals, and trading are functioning as they normally would. So, there is no cause for alarm, they added.
From all indications, the quick timing of Gate.io’s response and efforts to address the rumours may have paid off. That is because, despite the initial tension, data from the blockchain analytics platform DefiLlama showed no significant movement of funds from the platform. This means that most users were so confident in the platform that they did not even see the need to act on the unverified claims.
Warns against Spreading False Information
Following its original post to debunk the rumors, Gate.io also issued a follow-up statement on its official website. The company says it will, henceforth, not tolerate the spread of false information. It even shared that there is a possibility that it pursues legal actions in such cases. According to Gate.io, actions like this not only harm the platform’s reputation but also create unnecessary panic among users. The follow-up statement reads in part:
“We strongly condemn the deliberate spread of false rumours and reserve the right to pursue legal action.”
Going forward, Gate.io tells its community that they should only rely on official announcements and those from other verified sources for updates about the platform.
Notably, this isn’t the first time a cryptocurrency exchange has had to deal with unverified rumors of a security breach. However, a key takeaway from Gate.io’s case is how its swift response has helped calm concerns, ending in no apparent impact on the platform’s operations.
next