News about Gateio about the liquidity problems circulating in the market led to a 10 percent drop in GT Token, the exchange’s own token.
Popular cryptocurrency exchange Gate.io denied the allegations, making a statement about the liquidity problems circulating about itself. These allegations stemmed from rumors that the exchange was linked to a protocol called Multichain and therefore had payment problems. Gate.io stated that its transactions continue as normal and they are trying to establish a platform in Hong Kong.
Also, analytics firm Arkham Intelligence shared data on Gate.io on May 24 showing the entry of a large amount of Multichain tokens. After what happened, it was thought that the reason for this was related to the rumors that the Multichain team was arrested.
Following rumours of the @MultichainOrg team being allegedly arrested in Shanghai, some large holders of $MULTI have began moving funds.
Team wallets moving ~$3M of $MULTI to https://t.co/5ecSG3rKek have also spooked some investors, with $MULTI price falling 26.5% in 24h. pic.twitter.com/p2sQpu9Ass
— Arkham (@ArkhamIntel) May 24, 2023
Stock Market Token Depreciates Gradually
Gate Token, the own token of the Gateio exchange, came to $ 4.42 after the latest news, showing a decrease of 10.17 percent. Gate Token, which has not lost such a value for a long time, brought stock market-based fears behind it. Gate Token, which instantly touched $4.42 from $4.90, is currently trading at $4.45.
Although the stock market has made the necessary explanations on the subject, Gateio investors continue to voice their complaints about the issue. This event, which can affect not only the stock market, but also the crypto industry, has sparked great discussion on social media.
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