GateToken, the native cryptocurrency of the Gate.io exchange, reached a new all-time high despite rumors of a security breach circulating on social media platforms. According to CryptoSlate data, the token rise to $13.79.

This increase came after the exchange swiftly dismissed the hacking claims.

As the exchange’s utility token, it offers benefits such as trading fee discounts, governance participation, and access to token sales within its ecosystem.

Hacking Rumors

In a post on December 13, Gate.io confirmed that all services, including deposits, withdrawals, and trading, remain fully operational.

The company stated:

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

Similarly, Gate.io’s Chief Business Officer, Kevin Lee, reassured users that the platform is secure and supported by reserves exceeding $10 billion.

Lee revealed plans to host a live session on X to directly address the misinformation. He emphasized the platform’s strong security infrastructure and its commitment to transparency in operations.

The rumors began earlier today when several crypto influencers with large followings on the social media platform X started circulating news of an exploit (breach) on the exchange.

One such account, NaniXBT, admitted to spreading the information without verification. In his post, he mentioned that the claim was based on unverified input from an acquaintance and was shared impulsively in group chats.

However, Lee dismissed the rumor as an attempt to spread fear and promised to counter it with evidence during an X Spaces session later today.

According to CoinMarketCap, Gate.io ranks among the top 20 crypto exchanges globally. In just the last 24 hours, the platform facilitated nearly $7 billion in trading volume and listed over 3,100 tokens.

It’s user base exceeds 19 million, holding assets worth $6.2 billion on the exchange.

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