This time, it was a clerical error that caused it to send 320,000 in ether to Gate.io. Kris Marszalek, the CEO of the company, said in a post that the company accidentally sent the coin to its corporate account at Gate.io.
After Marszalek publicly posted the company's cold wallet addresses, this all unfolded. The amount of ether sent to Gate.io by the exchange on October 21st makes up about 80% of the company's holdings.
Marszalek said it was able to recover the full amount of the assets. The funds were returned about a week later, with 285,000 of them going into one wallet and the rest into another, according to users. Gate.io said it started returning funds once it realized it was an error. The funds were returned. In August, a pretty unfortunate mistake resulted in a customer getting $7.2 million instead of $68, which is why it is suing to get back.
Despite the reassurances from Marszalek that "all our systems are operating normally," this whole debacle is sparking withdrawals from the platform as users begin to worry about the fate of the firm. Some users think that the transfer was done in order to alter the proof of reserves promised by many exchanges.
Gate.io published its asset audit snapshot on October 19th and clarified that the deposit was not included in the snapshot. If an exchange have to move large amounts ofcryptocurrencies before or after they demonstrate their wallet addresses it is a sign of problems. Don't leave.
All Rights Reserved © 2024
