A token whose value has plummeted by 8% due to rumors in the cryptocurrency community has been named

The price of Gate (GT), the native cryptocurrency of Gate. io, has fallen by 8% amid rumors of problems with withdrawals. The value of the asset dropped from $ 4.84 to $ 4.44, according to CoinGecko.

on May 31, Gate. io representatives published a statement on the exchange’s blog, saying that its operations are proceeding as usual. «Withdrawals are being processed properly, and there are no rumored issues with our operations or withdrawals ,» Gate. io emphasized.

The statement was made after Twitter users suggested that the exchange was experiencing liquidity problems due to a possible connection between it and the Multichain protocol, Cointelegraph reports.

on May 24, Arkham Intelligence published data showing a large inflow of MULTI tokens (worth $ 3 million) to Gate. io, which is related to rumors of the arrest of the Multichain protocol team in Shanghai.

The Multichain team claimed that its CEO had disappeared and that some of the protocol’s routers were no longer working because only the CEO had access to their servers. On the same day, users started posting links to transactions that were likely large cryptocurrency deposits by Multichain team members on Gate.io.

The exchange responded to the user reports by stating that it had no problems. Gate. io is a centralized crypto exchange founded 10 years ago. It is ranked 7th in terms of trading volume, which amounted to about $ 498 million over the past 24 hours. The Gate token has a market capitalization of $ 616 million with a daily trading volume of $ 1.8 million.