Gate.io will take legal action against Fudsters

Gate.io crypto exchange stated that it will take legal action against those people, who will spread FUD about the crypto exchange.

Gate.io is a popular crypto trade platform. This exchange was founded in 2013 by Lin Han. Over the last two weeks, this exchange faced rumour attacks. 

Following the Multichain Protocol CEO Zhaojun arrest news, many people claimed that Gate.io may be struggling badly because of low liquidity issues. 

Many whales transferred huge amounts of Multichain (Multi) to the Gate.io exchange. The whole situation created a very big panic among Gate.io customers.

Gate token, the native token of the Gate crypto exchange, saw a significant downfall. The current trade price of the Gate token is 13% down over the last 7 days of trade price.

On 4 June, The Gate.io team confirmed that it will take legal action against all those people who will spread any kind of insolvency-related news about the exchange. 

For the last two weeks, the Multichain Protocol team has been failing to fix any kind of critical issue against cross-chain crypto transactions issues.

A few days ago, the Multichain team confirmed that they are failing to contact CEO Zhaojun and this is a very challenging moment for them to fix any occured issue because the EO holds the majority of the access to the main security levels. 

Read also: Atomic crypto wallet team admits wallet was exploited