Woofun AI reports that Gate issued an update on July 8 regarding the disappearance of customer funds, admitting to inadequate communication and a failure to prioritize user concerns initially. The exchange established a dedicated task force comprising security, compliance, legal, and business representatives to manage the incident and created a specific channel for affected users.

Gate stated that it is conducting in-depth information collection, device security analyses, and continuous tracking of the lost assets with real-time transaction alerts. The company is assisting customers in filing police reports, providing investigation materials, and discussing further legal actions with full support from law firms. Partners including Tether and involved exchanges have been contacted to help block and recover funds, with Gate committing to provide evidence if suspects are identified.