Amid bankruptcy rumors, prominent exchange Gate.io holds trillions of Shiba Inu (SHIB) tokens valued at millions of dollars.
In a recent tweet, prominent market tracker Lookonchain brought attention to the staggering amount of Shiba Inu (SHIB) coins held on Gate.io, a popular crypto exchange platform, amid the looming bankruptcy rumors.
The tweet highlighted the updated asset holdings of the exchange, revealing a significant sum of $1.44 billion distributed across six wallets. Among the listed assets, Shiba Inu stood out as one of the prominent exchange holdings, with over 6 trillion SHIB tokens valued at approximately $52 million.
Due to the drop in GateToken price and bankruptcy rumors, we updated the assets of @gate_io.
6 wallets hold a total of $1.44B in assets.
Hope it helps you. pic.twitter.com/QkXgidvuBn
— Lookonchain (@lookonchain) June 1, 2023
The news of Gate.io’s alleged financial instability has led to concerns among its users and the broader crypto community. The fact that SHIB remains a substantial part of the exchange’s asset portfolio has raised questions about the potential impact on the SHIB token’s value.
Reports of Gate.io’s looming insolvency follow Hotbit’s decision to wind down its centralized exchange services. Shiba Inu investors have been advised to withdraw their assets from the exchange before June 21.
Shiba Inu Commands Sizable Holdings on Leading Exchanges
Most top exchanges hold substantial amounts of SHIB due to the sheer magnitude of Shiba Inu investors on their platforms. Earlier this year, The Crypto Basic reported the updated figure of the Shiba Inu tokens held on Binance. The report showed that Binance holds more than ten times the amount of SHIB on Gate.io.
Specifically, Binance controls 78.5 trillion SHIB worth $663,000,000 following a report on its revised Proof-of-Reserves data.
Similarly, The Crypto Basic captured a more intriguing report about the amount of Shiba Inu on Crypto.com. The report revealed that SHIB tokens comprised a more significant percentage on the platform than Ethereum (ETH) tokens. The exchange holds over $558 million SHIB. In addition, Uphold’s Shiba Inu balance stands at a more modest figure of 921 billion SHIB.