Crypto exchange Gate.io dismisses rumors of security breach

Gate.io denied rumors that the crypto trading platform was hacked, the company said in an announcement on social media platform X.

A rumor surrounding the crypto exchange’s alleged security breach began spreading early Friday morning on X and various chat groups on Telegram. However, the rumor did not accompany more details on the attack.

“The Gate.io security team has not detected any abnormalities, nor have any security agencies reported issues,” the company said in the X post. “Deposits, withdrawals, and trading are functioning normally. Please do not believe rumors!”

While social media posts spreading the rumor advised users to withdraw their funds from Gate.io, the total amount of assets on the platform remained mostly unmoved, according to data from DefiLlama.

Gate.io wrote in a follow-up statement on its official website that it "strongly condemns" actions spreading false information and creating panic. "We reserve the right to pursue legal action," the company added.

Story updated to add follow-up statement from Gate.io.