As reported by Cointelegraph, on May 31, 2023, Gate.io, a centralised crypto exchange, disagreed with the rumors of illiquidity and mentioned that “there are no issues with our operations or withdrawals as rumored.” It is expected that this statement was made after the Twitter channels blamed the exchange for insolvency for an alleged relationship between the cross-chain router protocol Multichain (MULTI) and the crypto exchange.
Sources revealed that allegations against Gate.io’s insolvency occurred after several events in Multichain. Supposedly, on May 24, 2023, Arkham Intelligence, a blockchain analytics firm, published a data exchange chart of MULTI to Gate.io, which was related to speculation made by the protocol’s team of “allegedly being arrested in Shanghai,” Arkham Intelligence told Cointelegraph.
With insights from blockchain data, over $10 million of FTM was transferred from an unknown user to Gate.io in between May 25, 2023, top May 26, 2023, Cointelegraph highlighted.
Furthermore, Gate.io disagreed with the rumors and expects to withdraw and operate normally, Cointelegraph concluded.
(With insights from Cointelegraph)
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