https://twitter.com/lookonchain/status/1592436887050149889
Will Gate.io be the next FTX? Here are some findings:
Today on-chain sleuth @zachxbt tweeted that http://Gate.io was hacked for $230 million on April 21, 2018.
Interestingly, the first transaction of http://Gate.io’s hot wallet was also on April 21, 2018. Gate.io hid the fact that funds were stolen.
We analyzed http://Gate.io’s 4 wallets on Ethereum and found that http://Gate.io only has $479M in assets. Gate.io holds 71M $GT($259M) and 3.1T $SHIB($29M), which add up to 61% of the total assets.
Gate.io only holds 53,930 $ETH ($59M) and 32M $USDT, which add up to only 21% of the total assets.
Gate.io received 320,000 $ETH($405M) from Crypto.com on October 21 and transferred a total of 284,975 $ETH($359M) to Crypto.com from October 25 to October 30.
@kris and @gate_io's response to this was "wrong transfer" and all 320K ETH would be transferred back. But why on-chain data shows only 284,975 $ETH was returned? @han_gate
What about the rest 35,025 $ETH?
Coincidentally, the time when the 320K ETH transfer occurred was so close to the time when http://Gate.io released the Proof of Reserve Evaluation Report.
Remember what @cz_binance said in the tweet?
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