- In the wake of the FTX collapse, crypto exchanges have struggled to maintain trust.
- Gate.io has found itself at the center of insolvency rumors.
- Rumors have driven customers to rush to withdraw their funds.
Centralized crypto exchanges have struggled to maintain trust in the fallout of the FTX collapse in November 2022. Despite launching features like proof-of-reserves to boost transparency, several investors have remained skeptical, allowing rumors to trigger panic easily.
In recent days, Gate.io has become the latest crypto exchange to find itself at the center of insolvency rumors. While the crypto exchange has dismissed these rumors, it has not stopped customers from rushing to withdraw their assets en masse.
Gate.io Records Most Outflows Amongst Crypto Exchanges
At the time of writing, Gate.io has recorded $158.49 million in outflows in the last 24 hours, per data from DeFiLlama’s CEX…
