ZachXBT responds to Gate’s recent security incident: the stolen funds have already been transferred to addresses associated with Xinbi, a Chinese illegal goods trading platform.

Gold Finance reported that on July 10, Gate responded to recent security incidents: “We established contact with our customers at the first opportunity. We are pushing forward with the work to recover the funds with full effort. The company has also set up an expert group internally to assist users in tracing the relevant fund flow. At present, we have completed the users’ document collection and verified the account details of the incident. We are also simultaneously assisting users with filing for claims regarding frozen funds and fund recovery. We also urge users to file a case and seek judicial assistance, and our company will fully cooperate throughout the process.”

In response, ZachXBT said that tracking the flow of funds cannot help the victims, as the funds have already been transferred to addresses related to the Chinese illegal goods trading platform Xinbi (new coin).