December 3, 2022

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Huobi and Gate.io under fire for allegedly sharing snaps with funds borrowed from Cointelegraph

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Huobi and Gate.io under fire for allegedly sharing snaps with borrowed funds

To counter rising distrust among crypto investors after the FTX collapse, crypto exchanges unanimously decided to share evidence of restraint with the public to demonstrate legitimacy. However, certain anomalies found during on-chain investigations point to foul play and market manipulation.

Just two days after Crypto.com released its cold storage information, investigators discovered that 320,000 Ether (ETH) was sent to Gate.io on October 21, 2022. However, Kris Marszalek, the CEO of Crypto.com, denied any wrongdoing, stating that the funds were accidentally transferred and eventually returned to the original storage.

Gate.io released an asset snapshot on October 28th. Source: Colin WuHuobi’s wallet information. Source: Etherscan

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