 | As you can imagine crypto twitter is going full scorched earth on exchanges currently and digging through years of garbage, documents and transactions to try and ascertain which exchanges are legit and which are, frankly, full of shit. In light of the recent large transactions tracking between exchanges including Gate.io twitter user @1A1zP1 came forward with a report they published about how a North Korean hacker group hacked Gate.io back in 2018 and lost $234m without disclosing any of this to the general public. This hack was included in an IRS court filing document: https://www.justice.gov/opa/press-release/file/1253491/download the exchange was listed only as "Exchange 1" or VCE1 in the court document press release but @1A1zP1 clearly outlines how this was Gate.io in their report. This was the first I'd heard about it and I couldn't find any news articles discussing a hack of this magnitude so it clearly never got any legs at the time but the evidence is all laid out in the report. https://twitter.com/1A1zP1/status/1591911832809349120 The full thread is in the above link and well worth scrolling through to see how they came to their conclusion but here are two snippets: Gate.io was formally know as BTER which also suffered a large hack back in 2015. If a CEO/Company will cover up a hack of this nature, this size, something that would absolutely affect the users and the company's ability to function, what else would they lie about? If this is true and they covered this up, they have been running a functionally insolvent exchange for many years, hoping to cover up the losses over time and would almost certainly not survive a run on the bank. As with anything do your on due diligence, make decisions for yourselves but most importantly take custody of your own coins. [link] [comments] |
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