News Faces $150 Million Net Outflow Amidst Police Investigation Rumors and Multichain Controversy

In a significant development, cryptocurrency exchange has experienced a staggering $150 million net outflow within a 24-hour period, fueled by rumors of a police investigation and its alleged ties to the embattled cross-chain router protocol Multichain. The exchange has dismissed these speculations as fear, uncertainty, and doubt (FUD).

Addressing concerns raised by the community and circulating on social media platforms, confirmed that its operations remain uninterrupted, with no withdrawal issues affecting its users. refutes liquidity concerns, a prominent player in the crypto exchange market, has firmly denied rumors suggesting any liquidity concerns following allegations on Twitter. Several channels claimed that the exchange was on the brink of insolvency due to its purported connection with Multichain (MULTI), the cross-chain router protocol.

The exchange clarified its position, stating that its operations are “running healthy” and highlighted its focus on establishing Gate.HK, an affiliated trading platform in Hong Kong.

Multichain controversy adds to the pressure

The controversy surrounding Multichain has further intensified the scrutiny on Multichain recently disclosed that its CEO is missing, resulting in certain routers associated with the protocol becoming non-functional since only the CEO had access to the relevant servers. In response, social media users began sharing images of transactions allegedly involving large deposits of Fantom (FTM) from Multichain team members to

Blockchain analytics firm Arkham Intelligence also tweeted data showcasing significant inflows of MULTI to, connecting it to rumors of the protocol’s team facing alleged arrests in Shanghai. Notably, etherscan data revealed that over $10 million worth of FTM had been transferred from an unidentified user to between May 25 and May 26. However, the ownership of the account responsible for these transfers remains unconfirmed.

Speculation fuels concerns of’s stability

As a result of the substantial deposits of MULTI and Fantom into, rumors began to circulate on Twitter, suggesting that the crypto exchange could be vulnerable to the repercussions of the Multichain saga, potentially leading to a bank run scenario., while facing increased scrutiny, remains committed to maintaining its operations and addressing the concerns raised by its users. The exchange emphasizes that it continues to operate normally and looks forward to further expanding its presence with the establishment of Gate.HK.

As the situation unfolds, market participants and cryptocurrency enthusiasts closely monitor the developments surrounding and its alleged connection to Multichain, awaiting further clarity on the matter.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Arpita Mukherjee

Published by
Arpita Mukherjee
Tags: ExchangeGate

Recent Posts

What’s Funarcade Cooking Lately?

Imagine the glitzy lights, the tingling excitement, and the clinking of coins in a casino.…

1 day ago

FUNToken Enters a New Era as it Joins the Ranks of BitMart Exchange, Expanding Opportunities for iGaming Enthusiasts

The momentous occasion of FUNToken's official listing on BitMart Exchange has arrived, effective September 15th,…

2 weeks ago

Exploring Metaspace’s Ambitious AAA-Game in the Space Adventure Genre

How many times have you heard of the term “AAA-Game”, only to be disappointed by…

2 weeks ago

Exploring the Possibilities of Polygon Payment Solutions for NFTs

Imagine buying an electronic piece of literature online and in return getting a special electronic…

3 weeks ago

9.4 Million FUN Jackpot Won at A New Milestone in Online Gaming, a cutting-edge online gaming platform specializing in cryptocurrency, is pleased to announce a game…

4 weeks ago

Gamifying Interaction: The Quest Wall Dream!

Hey there, fellow adventurers of the crypto realm! We're diving into a platform that's about…

4 weeks ago