ZachXBT reveals that exchange Gate.io is suspected of concealing the theft of $230 million by North Korea

On-chain detective ZachXBT disclosed today (15th) that the cryptocurrency exchange Gate.io was suspected of having $230 million stolen by North Korean hackers on April 21, 2018, and the incident has never been made public to the outside world. According to ZachXBT On-chain data shows that the first transaction in Gate.io’s public hot wallet was also on April 21, 2018. The time seems to match, so ZachXBT also questioned Gate.io’s stance of emphasizing “security.”
You talk about the importance of security but how about you finally disclose @gate_io was quietly hacked by NK for $230m on April 21 2018 & how you actively kept this hidden from customers/public
No one in the space should trust anything you say after how that mess was handled t.co/0I3t2TnG3M pic.twitter.com/RfESOX2leD
— ZachXBT (@zachxbt) November 15, 2022
Lookonchain, which has been exposing suspicious transactions on FTX and various exchange chains recently, analyzed Gate.io's 4 wallets on Ethereum and found that they only have $479 million in assets, of which the largest assets are 71.3651 million GT and 3139008926439 SHIB, together account for 61% of the total assets, while mainstream assets only hold 53,930 ETH and 31.98 million USDT, which together account for only 21% of the total assets. Later, Gate.io officials came out to deny the authenticity of the data, clarified that their asset reserves were stable, and announced the address of their cold wallet reserves. However, it cannot be ruled out that nearly half of their reserves are their own platform currency GT, and the asset structure is similar to FTX before its bankruptcy.
(1/2)Regarding recent misinformation and FUD about Gatet.co/8kWqgEeXbj provides 100% proof of reserves and has completed our first audit in 2020, the second in 10/19/2022, with Armanino. This list of assets 'analyzed' on the Web captures only a portion of our assets.
— Gate.io (@gate_io) November 15, 2022
Crypto.com, which has recently been involved in a liquidity crisis, was also reported to have mistakenly sent 320,000 ETH to Gate.io, and then Gate.io returned the relevant funds, drawing attention to Crypto.com's liquidity issues.
This article ZachXBT reveals that exchange Gate.io is suspected of concealing the theft of US$230 million by North Korea first appeared on Blockchain.