Gate.io has pledged full compensation to users affected by an emergency system upgrade on Wednesday involving its futures services amid "excessive traffic" issues.
"Due to the excessive platform traffic at 9:30 (UTC) on April 23, 2025, we had to urgently expand and upgrade the contract services," the crypto exchange explained in an announcement.
Gate.io's futures and related copy trading products were temporarily suspended during the upgrade, though its spot trading, deposits, withdrawals and other services were unaffected, the firm stated on X. The platform upgrade was completed shortly after, with all services now restored, Gate.io confirmed, apologizing for the inconvenience caused.
"The upgrade has been completed, and the contract services and related services have returned to normal," the crypto exchange said. "We will provide 100% compensation for all customer losses incurred during the upgrade (excluding market factors)."
The Block reached out to Gate.io for further clarity on what caused the issue and exactly how the compensation plan will be decided, with some users asking whether they will be compensated if market prices dropped during the maintenance window, causing margin calls due to positions that couldn't be closed.
Gate.io's Gate Token seemed largely unaffected by the news, dropping less than 2% after the issue became apparent, according to The Block's Gate price page. GT is currently trading for $23.72, with a market cap of $2.9 billion.
GT/USD price charet. Image: The Block/TradingView.
Gate.io is one of the smaller centralized crypto exchanges available globally but one of the longest-running, having recently celebrated its 12th anniversary. It currently ranks 11th by spot volume, according to CoinGecko data, generating nearly $50 billion in trading last month.
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