CEO admits company accidentally sent 320,000 ETH ($416 million) to another crypto exchange a few weeks prior

A Twitter user posted Etherscan screenshots showing a massive flow of crypto from the cryptocurrency exchange to another exchange, "Anyone know why would send 320k ETH (82% of their ETH today) to on October 21?", they wrote. "And why would send back to 285K ETH 5-7 days later?"'s CEO, Kris Marszalek, replied: "It was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address. We worked with Gate team and the funds were subsequently returned to our cold storage." He later clarified that all of the funds were returned.

Twitter users, reasonably, reacted in horror at the revelation that the platform had accidentally sent such a substantial portion of their funds elsewhere in a careless mistake, and that such a monumental mistake was even possible. They were lucky that they erroneously sent the funds to another exchange, and one who agreed to return the funds.

This is not the first time has erroneously transferred funds; in August of this year, they sued a woman to whom they'd accidentally sent $7.2 million that wasn't hers.