Users of Gate.io, one of the world's largest cryptocurrency exchanges, were shocked to see their spot account assets suddenly drop to zero for more than ten minutes.
However, the situation was soon resolved and the assets were returned to their normal values. Gate.io posted an official announcement on its website, stating that the incident was caused by an update of the spot trading engine that caused a temporary display error on the web page.
The announcement also claimed that the update time was scheduled between 17:05 and 17:20 CEST, which contradicted the actual time when the bug on the page appeared.
Gate.io is one of the oldest exchanges in the crypto industry, founded by Lin Han in 2013. It invests heavily in security measures such as the cold wallet, the security and legality fund, and the bug bounty program. However, it was heavily hacked in 2015, with 7,000 BTC stolen from their cold wallets.
Until 2017, the name of the exchange was Bter. However, it was forced to rebrand as Gate.io when the Chinese government banned fiat-to-crypto trading in 2017. It closed its old domain name, removed fiat cryptocurrency trading pairs, and shifted its focus from crypto to crypto.
*Not investment advice.
