mistakenly transferred $400M in ETH to another exchange
Defi and Exchanges mistakenly transferred $400M in ETH to another exchange exchange slips by $400M in ETH, by mistake. The company was able to recover its funds and promises to prevent such a blunder in the future.

Since the FTX wreck, cryptocurrency exchanges have been in the crosshairs and their transactions scrutinized. For example, a transfer of $400 million in ETH from to another exchange was found.

Gate was the recipient of 320,000 ethers. The operation took place on October 21. The information was confirmed by after the publication of a screenshot of a user on Twitter.

In the current climate of very strong distrust, this transaction has generated a lot of comments on social networks. And it is the CEO of himself who had to intervene to provide explanations.

Kris Marszalek attributes this transfer to another exchange to a human error. A very costly blunder. It is about 80% of the ETH reserves of, kept on a cold wallet, which were transmitted to a wrong address.

It was supposed to be a move to a new cold storage address, but it was sent to an external whitelisted exchange address. We worked with the Gate team and the funds were then sent back to our cold storage,” Marszalek explains.

The executive notes that this erroneous transaction was the cause of much speculation and FUD. After a chaotic week for the crypto industry and for token prices, nothing less surprising.

Since then, we have strengthened our process and systems to better manage these internal transfers,” assures Kris Marszalek.

Article written by:

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

Leave a Reply

Your email address will not be published.

back to top