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- Gate.io suspended withdrawal services for a period of 24 hours as a protective measure.
- The move came after detecting specific changes in the customers’ account security settings.
- After 24 hours since the changes have been made, users can resume their withdrawals.
The centralized crypto exchange Gate.io has reportedly ceased withdrawal services for 24 hours as a protective measure. The move came following the detection of certain changes in the “account safety settings,” as declared by the platform.
Colin Wu, a renowned crypto reporter, shared insights on Gate.io’s abrupt closure of withdrawal, via his official page, known as Wu Blockchain on X. As per his tweet, due to some “technical problem[s]”, customers are unable to withdraw their holdings from Gate.io, for around 5 hours.
The cryptocurrency exchange Gate is unable to withdraw coins and has stopped withdrawing coins for nearly 5 hours. Officials said it is a technical problem. https://t.co/1XlcV049C0— Wu Blockchain (@WuBlockchain) November 2, 2023
According to the guidance issued by Gate.io’s customer support center, the community members who have “set up, changed, or reset any security settings”, would receive a pop-up message as a precaution to security threats. The message reads:
Account safety settings change detected. To protect your funds, the withdrawal function will be disabled for 24 hours.
Gate.io asserted that the withdrawal services would be suspended for 24 hours after the setting changes occurred, following which the community members could resume their activities on the platform without interruptions. The platform has also provided customers guidance to check the exact time at which security changes have been made.
Though suspension of activities is a common recurrence in crypto exchanges, the sudden halt has immersed the community in a dilemma. The community’s anxiety is heavily rooted in the usual suspension that follows an exploitation or a vulnerability.
In related news, the crypto trading bot Maestro also suspended activities following a loss of $500,000 in various meme coins that resulted from a critical router vulnerability. However, identifying and fixing the issue, Maestro resumed trading, updating the router into a “safe, exploit-free implementation.”
The post Gate.io Suspends Withdrawals for 24 Hours as Security Measure appeared first on Coin Edition.