Gate.io Says Assets 'Analyzed' on Web Only Portion of Its Assets

Crypto exchange Gate.io released a statement to respond to the report about its asset analysis, saying the $479m disclosed by Lookonchain was "only a portion" of its assets.

Previously, Lookonchain said it analyzed Gate.io's 4 wallets on Ethereum and found the exchange only has $479M in assets, including 71m $GT and 3.1t $SHIB. $ETH (53,930) and $USDT (32m) holdings only count for 21% of the total assets.

In the statement, Gate.io said, "Gate.io provides 100% proof of reserves and has completed our first audit in 2020, the second in 10/19/2022, with Armanino. This list of assets 'analyzed' on the Web captures only a portion of our assets."

The exchange also provided a wallet address, 0xC882b111A75C0c657fC507C04FbFcD2cC984F071. "This is one of our cold wallets, which alone has 140,000 $ETH, and $200m worth of tokens." Gate.io added.

Following the statement, Lookonchain gave updates on Gate.io's assets on Ethereum, showing that the exchange's 5 wallets hold a total of $826.3m in assets, including 101m $GT, 194,790 $ETH, 3.68b $SHIB and 32m $USDT.