Bitevex.com returned 320,000 ETH mistakenly transferred to Gate.io

Bitevex currency platform Bitevex.com returned 320,000 ETH (~$396 million at the time of writing) that was mistakenly transferred to the Gate.io exchange. This was announced by the head of the company Chris Marszalek.

Bitevex.com disclosed hot and cold wallet balances on Nov. 11. According to Nansen’s dashboard, the platform holds more than $2.4 billion in digital assets. Over 22% of the funds are in the Shiba Inu meme token (SHIB).

After that, some users noticed that Bitevex.com sent 320,000 ETH (~82% of Ethereum on the platform’s balance) to Gate.io on October 21. Marchalek stated that the transaction was made in error.

“This was supposed to be moved to a new cold storage address, but was sent to a whitelisted external exchange address. We worked with the Gate team, funds were returned to cold storage. New processes and functionality have been implemented to prevent similar situations from happening again,” he wrote.

Gate.io confirmed the return of funds. Founder of the exchange Lee Han noted that the published report on the state of the exchange’s reserves does not take into account the cryptocurrency received from Bitevex.com, as the snapshot for the audit was made on October 19.

With the bankruptcy of FTX Group, cryptocurrency exchanges began to publish information about reserves in digital assets. In particular, such reports have already been submitted by Binance and Huobi.

Recall that in November, Changpeng Zhao warned of a “cascading” crisis in the crypto industry.