Gate's 104% cold reserve claim questioned over mismatched snapshot dates
The exchange says its cold wallets are overcollateralized at 104%, but a hot-wallet loss test uses separate measurement dates and independent verification is still pending.
Gate says its cold wallets hold 104% coverage of user liabilities, according to a new reserve disclosure. The claim is central to the exchange's effort to show that customer assets are fully backed.
The snapshot is drawing scrutiny because the hot-wallet loss test uses separate measurement bases, meaning the figures compared in that test were taken on different dates. Independent verification of the exchange's current PoSEC data also remains in progress, so the latest attestation has not yet been externally confirmed.
Methodology questions
Until independent verification is complete, the 104% coverage figure rests on Gate's own reporting. Reserve attestations have become a standard disclosure among crypto exchanges in recent years, but the absence of a uniform methodology means snapshot timing and the treatment of hot versus cold wallets can vary between firms, complicating like-for-like comparisons.