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Gate.io denies liquidity issues

Gate.io denied rumours of illiquidity on May 31, stating that there are no issues with our operations or withdrawals as rumoured.

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Gate.io denied rumours of illiquidity on May 31, stating that there are no issues with our operations or withdrawals as rumoured.

The statement comes after numerous Twitter channels had alleged that the exchange was experiencing insolvency due to an alleged connection between it and the cross-chain router protocol Multichain.

The Gate.io team said the company’s operations are running healthy and that it is focused on establishing an affiliated trading platform in Hong Kong called Gate.HK.

Rumours about Gate.io’s insolvency erupted after a series of events relating to Multichain. On May 24, blockchain analytics firm Arkham Intelligence posted data showing large inflows of MULTI to Gate.io, which Arkham said was related to rumours of the protocol’s team “allegedly being arrested in Shanghai.”

On May 25, Binance suspended deposits for several bridged tokens that relied on the Multichain protocol, including bridged versions of Polkastarter , Alpaca Finance, and Fantom. Binance said these tokens were experiencing delayed transactions and temporarily paused deposits while seeking clarity from Multichain.

Blockchain data confirms that more than $10 million of FTM was transferred from an unknown user to Gate.io on May 25-26. Cointelegraph was not able to determine the identity of the account owner performing the transaction.

After seeing multiple deposits of MULTI and Fantom to Gate.io, some Twitter users suspected that the exchange was exposed to fallout from Multichain.

The team at Gate.io has denied these rumours, stating that the exchange is processing all withdrawals and operating normally.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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