Crypto exchange Gate.io rejected rumors about its health that caused a related token to sink, saying its “operations are running healthily.”
(Bloomberg) — Crypto exchange Gate.io rejected rumors about its health that caused a related token to sink, saying its “operations are running healthily.”
The platform, which is about a decade old and ranked in the top 20 globally for crypto trading volume in the past 24 hours, said in a blog post Wednesday that “there are no issues with our operations or withdrawals as rumored.”
Twitter posts had suggested that troubles at Multichain, a decentralized finance venue for moving crypto between different blockchains, could have a bearing on Gate.io. Multichain has said it’s unable to contact its chief executive.
Read more: DeFi Project Multichain ‘Unable’ to Contact Its Chief Executive
Gate.io didn’t immediately return requests seeking comment.
GateToken, the Gate.io utility coin that offers trading-fee discounts, fell as much as 8% over the past 24 hours before paring some losses, CoinMarketCap data shows. Gate.io had about $515 million in trading volume in the past day.
Last year’s $1.5 trillion digital-asset rout toppled a number of crypto businesses, most notably the FTX exchange. As a result, the sector is generally on edge about the resilience of trading venues, a concern that has contributed to a decline in liquidity.
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