Gate.io to compensate users for outage losses — but there's a catch
Gate.io to compensate users for outage losses — but there’s a catch Gate.io forced a surprise service outage on its users today. The giant crypto exchange, which claims to have processed over $4 billion in spot plus $17 billion in derivative volume over the last 24 hours despite the outage, partially apologized for the shutdown and promised to compensate users in the most confusing way possible. In an announcement, the exchange apologized “for any inconvenience caused” via a post on X. Executives then hyperlinked to a legal disclaimer that clarified, “We will provide 100% compensation for all customer losses incurred during the upgrade (excluding market factors).” Because a centralized exchange customer usually only has two ways to lose money — market price movements or outright theft — this language made it unclear what compensation was actually offered. The announcement prompted an AMA to “see exactly how payouts work.” Customers flooded into the space...