Recently, a YouTube crypto influencer ranted on Twitter about how a crypto exchange called Gate.io is holding his funds worth $200,000+, and I think it’s important for everyone to see and know.
Crypto influencers have an essential role in the growth of the cryptocurrency industry. We have heard horror stories of how influencers dump shitcoins on their followers, and this time, it is a different story.
Before I summarize the story and takeaway message from MMCrypto, please watch the entire video (less than 5 minutes) to understand the entire situation.
This exchange refuses to give me my money! [please like, comment & retweet ] pic.twitter.com/9UTmediG1V
— MMCrypto (@MMCrypto) December 3, 2023
What’s happening between MMCrypto and Gate.io?
This is the message from MMCrypto on his Twitter account:
The exchange @gate_io has more then $200‘000 of mine and refused to pay it out. I have all proof (on chain) and support conversations as proof. I was warning them multiple times to go public with it before writing this. I always post positive, but enough is enough.
Approximately 6 months ago I was depositing some $ORDI on gate & they didn’t get credited. Eventually they texted after LONG trials, that I will not get my money back. I am willing to open up and show all on chain proof and discussions to the public so no other people get harmed in the future. Never Gate again!
Response from Gate.io
The team from Gate.io responded to this on Twitter by stating that the issue MMCrypto faced was due to an invalid transaction. They also directed him to the details of the issue and asked him to verify the same on the blockchain.
I’ll let you read the entire thread between Gate.io and MMCrypto by clicking the Twitter thread link below.
Dear @mmcrypto, our technical team have looked into the matter and confirmed that the issue you experienced was due to an invalid transaction. In your previous contact with our CS team, they have also informed you that your transaction was invalid. 1. We understand that this may…
— Gate.io (@gate_io) December 3, 2023
The Gate.io team also showed empathy and a willingness to offer support to MMCrypto to recover his funds. They added, “Your funds are still usable and have not been lost. We can always provide technical support and will be glad to help you transfer correctly.”
What does CoinSutra think?
Crypto, being technical in nature, such issues could happen all the time. What’s important is to have open communication, and this is what’s happening right now.
MMCrypto seems to be unhappy with how Gate.io is not helping him resolve the situation. At the same time, Gate.io’s quick response to this situation and offering to help him publicly shows their commitment to doing the right thing.
MMCrypto also pointed out the importance of ownership and keeping only those funds on a crypto exchange that you need for trading or other uses. It is better to hold your funds in a hardware wallet or your private wallet like Trust wallet or Metamask wallet to store funds for the long run.
He also pointed out that since he is fortunate enough to have a platform to share these concerns, he is worried that such issues faced by other retail users may never be heard about. So with that intent, we truly appreciate how MMCrypto brought up this issue.
We will update this news as we have more updates. For now, we would like to see MMCrypto recovering his crypto and a happy ending to this feud.
Also read: How to secure cryptocurrency from hackers
Have you ever lost your crypto due to a transfer issue? Did your exchange help you to recover it? We would love to hear your story in the comment section below.
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