Why did cryptocurrencies get sent to gate Io?

As discussions picked up steam, Kris Marszalek, the CEO of Crypto.com, revealed that the funds — representing 82% of Crypto.com’s ETH holding in the cold storage at the time of writing — were sent accidentally to Gate.io: “It was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address.”

Who owns gate Io?

Speaking to Cointelegraph, Crypto.com spokesperson clarified that the whitelisted address on Gate.io was owned by Crypto.com. Regardless, Marszalek confirmed that Gate.io returned the funds to Crypto.com’s cold storage and reassured the investors that new processes and features were implemented to prevent a reoccurrence.

How secure is gate Io?

Internally, Gate.io safeguards user funds by utilizing both hot and cold wallets along with other secret security practices. It is known that higher deposit accounts must go through a more extensive customer verification procedure (KYC & KYC2) to get their withdrawals processed immediately.

Is Web 3.0 the next big thing in crypto?

Over the past three years, various themes have emerged and dominated the crypto industry. NFTs and DeFi are prime examples of this. Cryptos attached to the space did exceedingly well in 2020 and 2021. Looking at 2023, Web 3.0 and associated cryptos could eventually become the next big thing, so it’s important to stay on top of them.