One of the Most Popular Cryptocurrency Exchanges Responds Strongly to Hacking Allegations

Dr. Lin Han, founder and CEO of the cryptocurrency exchange Gate, responded to online claims that a user on the platform had been “hacked out of $1.7 million.”

Dr. Han stated in a post from the X account, “The full story is here. Some discussions become clearer after reading this.” The statement referred to the event summary and assessment previously shared by Gate’s official account.

Gate, in its official statement regarding the allegations, stated that the incident was not a systemic risk or a vulnerability in the platform’s website security. The exchange maintained that the security of all user assets and accounts is currently ensured.

According to the company’s statement, there are several noteworthy aspects to the incident. It states that the user in question had previously undergone facial recognition verification and provided evidence of three specified past transaction records from 2019. Furthermore, it notes that security settings were reset via the original email verification code; and that all resets were correctly confirmed using both the email verification code and the user’s fund password.

Gate explained that comprehensive identity verification was performed for each of the five withdrawals made by the user. These processes included facial recognition, Google CAPTCHA verification, and fund password checks; withdrawal requests were only approved after all verifications were successfully completed.

The user reportedly later informed Gate customer service that their funds had been stolen. Gate stated that it guarantees the accuracy and validity of the information contained in the statement, and that the shared details are based on complete backend operational data stored by the platform.

*This is not investment advice.