Gate is short of money? Just give us money! One project team has three sets of triplets!

On the evening of the 7th, a Twitter user named Crypto Whale.x posted a message saying, "I'm short of money recently. I've seen what scam coins are on Gate. They can be listed as long as you pay money, and the trading volume can be increased at will. The team members of a project are all AI-made pictures. The similarity of several people's photos is 99%, and there are three pairs of triplets. It's hilarious. Are the current leeks so easy to be deceived?"

Faced with this tweet, many netizens in the comment area said that Gate has always been available for money, and it only takes 50,000 US dollars, a public fixed price.

Gate.io is a scam company

On reddit, a netizen once said that Gate.io is a scam company and said that he was a victim of fraud on the Gate.io platform.

The victim made multiple transactions when creating an account. Among these transactions, there were 3 withdrawals:

• 0.01 ETH - OK

• 0.7 ETH - OK

• 1 ETH - Status: Verifying.

The victim then had a bad communication with the website that lasted for a week. Gate asked the victim for everything. This included a selfie with a bank card, another selfie, a movie with the card with the provided card number, another movie, bank transactions in the past 3 months, proof of bank account ownership, etc.

Gate then required the movie to be in MP4 format instead of .MOV, and asked to fill out a mysterious EDD questionnaire.

Fortunately, the victim finally got his money back with the help of the police, and hoped that the police would conduct further investigations on the company.

Gate.io faces community boycott for market manipulation

At the end of last year, Gate.io came under fire, and the BRC20 token RATS community launched a boycott campaign, accusing the platform of engaging in fake spot trading. The dispute stemmed from the fact that the RATS trading volume on Gate.io exceeded 880 billion between 21:00 and 23:00 UTC+8 on December 4, exceeding the total supply of RATS tokens of 1 trillion.

Community members claimed that Sesame Exchange used the Gate.io platform to manipulate data to execute fake transactions, causing community dissatisfaction. Alleged evidence that Sesame Exchange is suspected of using false data has prompted calls for unified action to maintain market fairness and transparency, urging users to withdraw all assets stored on Sesame Exchange.

On December 5, 2023, the RATS project community, which operates using tokens that follow the BRC-20 standard, launched a boycott against Gate.io, accusing it of manipulating trading volumes. The community accused the exchange of holding a large number of project tokens and engaging in price manipulation activities. Users are urged not to use the exchange and withdraw all assets.

Gate.io was specifically accused of deliberately manipulating the display data of RATS tokens, introducing errors in trading volumes to make profits. According to Wu Blockchain, a well-known blockchain news source, the community expressed concerns:

“Between 8:00 PM and 10:00 PM on December 4, 2023 (Vietnam time), the RATS price fell by 10%, and the transaction volume on Gate exceeded 880 billion, while the total supply was only 1,000 billion. Gate.io’s wallet address is marked by CoinCarp, which is the largest token holder with a holding rate of 4.7%.”

Gate.io blocks communication with RATS project

User @VT_BNB claims that at the peak of Bitcoin activity, users on Gate.io saw a sudden drop in their portfolios, especially BRC-20 standard tokens such as RATS, ORDI, and SATS. The user claimed that the exchange took advantage of the BTC drop to “drain” a large number of token holdings, causing their value to plummet. The user further claimed that the exchange held up to 10% of RATS tokens during profit-taking, with a trading volume of 984.7 billion.

The VT_BNB account and the entire RATS project were reportedly blocked from Gate.io’s official communication channels without any explanation or response. The situation has heightened tensions in the crypto community and sparked scrutiny of the company’s practices.