CEFI

ZachXBT reveals that Gate.io was hacked in 2018, losing $230 million, with assets in four wallets totaling only $479 million.

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ZachXBT reveals that Gate.io was hacked in 2018, losing $230 million, with assets in four wallets totaling only $479 million.

(Updated 11/15 19:00: Gate.io has come forward to clarify that it still maintains a 100% reserve)

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Update at 19:00 on 11/15: Gate.io clarifies it still maintains 100% reserve

Crypto detective ZachXBT revealed that Gate.io was hacked and $230 million was stolen on April 21, 2018, which has not been disclosed to customers until now. The first transaction in one of Gate.io's main ETH hot wallets also occurred on April 21, 2018. According to Lookonchain analysis of Gate.io's 4 wallets on Ethereum, Gate.io only holds assets worth $479 million, with 61% consisting of 71.3651 million GT and some SHIB, and 21% consisting of 53,930 ETH and 31.98 million USDT.

Additionally, on October 21, Gate.io received 320,000 ETH (approximately $405 million) from Crypto.com, and from October 25 to October 30, Gate.io transferred 284,975 ETH (approximately $359 million) back to Crypto.com. Crypto.com CEO Kris Marszalek stated it was a "mistaken transfer" and all 320,000 ETH would be returned, but blockchain data shows only 284,975 ETH was returned. Interestingly, the timing of the 320,000 ETH transfer coincides with Gate.io's release of the reserve assessment report.

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