Gate deceived users in the BOB incident, and even just from the announcements released by Gate, many issues can be found.

1) On November 20, after BOB went live and fell more than 60% below the subscription price, Gate urgently, autonomously, and proactively released a voluntary refund announcement.
a. Since the announcement stated it was a voluntary refund, it means that as long as users want a refund, Gate should refund 100% of the subscribed BOB to users. In the announcement, Gate also stated it would refund all BOB subscribed via wallet, not just the unlocked BOB. So why did Gate only refund 50% of the BOB and refuse to refund the remaining 50%?
b. Because users believed it would be a 100% refund, even when the unlocked 50% of BOB rose to a price of 0.028 (subscription price was 0.023), users didn’t dare to sell, fearing it would affect the refund of the remaining 50% locked BOB. In the end, Gate refused to refund the locked 50% of BOB, but instead bought back the unlocked 50% at 0.023. That means, among the 50% of BOB bought back, it would have been better for users to sell on the exchange. For example, I subscribed 100,000 USDT, the unlocked 50% was over 2.1 million BOB, so 2,100,000 x (0.028-0.023) = 10,500 USDT. If Gate had stated from the beginning that only the unlocked 50% would be refunded, I would have chosen to sell directly and could have made several thousand to ten thousand USDT more.
c. The refund deadline in the announcement was December 20, but a few days later it was suddenly changed to November 28, causing many people to miss the refund window.
d. The announcement also stated that users’ refund rights would be 100% guaranteed. So why refund only 50%? Why is the remaining 50% not guaranteed?

2) On December 4, in Gate’s announcement:
a. The wording no longer mentioned voluntary refunds for subscribed BOB, but changed to saying that voluntary refund applications for unlocked tokens had officially ended. Isn’t this contradictory? They just didn’t want to refund users anymore.
b. In the announcement: “Currently, the BOB project’s ecosystem is developing well, and the token’s market price has stably rebounded and continues to be higher than the subscription price.” Isn’t this an outright lie? The announcement was on December 4, and anyone can see from the price chart that the token price had been falling for almost a week and was long below the subscription price of 0.023.
c. From November 20 to December 4, no matter when or who asked Gate’s official account about how to refund the remaining 50% locked BOB or how it would be handled, there was only one response: “We are communicating with the project team.” After half a month of communication, that’s all they could say. Regarding the 141% pump on December 3, I think Gate initially intended to refund users the locked 50%, but since the communication didn’t go well and they didn’t want to pay out of pocket, they orchestrated a price pump with the BOB project team so they could use the price rebound as an excuse in the December 4 announcement to refuse refunds. Otherwise, refusing refunds would be a clear negative. There was no major positive news for BOB that day, so how could the price suddenly pump 141% after falling for a week? The only answer is that BOB and Gate colluded to manipulate the market in order to support Gate’s non-refund announcement.
d. In the December 4 announcement, Gate reiterated that it would no longer intervene in the handling of the remaining 50% of BOB, essentially revealing that they would not refund it. This completely contradicts the November 20 promise to 100% guarantee users’ refund rights and refund the subscribed BOB, not just the unlocked 50%. For an exchange to blatantly go back on its word and deceive users is truly disheartening.

Recently, many influential KOLs on X have been desperately discussing donation scams and kissing incidents, because these bring them traffic. However, Gate’s deceptive behavior is what truly affects every user and is really worth attention, discussion, and criticism. But since this doesn’t bring much traffic, many KOLs are unwilling to offend Gate, so they choose to ignore this matter. In reality, only KOLs who truly fight and speak up for users will earn everyone’s genuine trust.

About this article:
All the announcements were published by Gate’s official channels and can be verified; the total BOB raised was only 3.2 million USDT. At most, 1.6 million USDT was refunded, and the remaining 50% is just 1.6 million USDT—a negligible amount for a top-tier exchange like Gate. Yet they still went back on their word and refused to refund, which is an insult to the status of a top-tier exchange. I think that exchanges like Binance and OKX would be ashamed to be mentioned alongside Gate as tier-one exchanges.