New Developments in Gate Exchange User Fund Theft: Third-Party Money Laundering Network Exposed

According to the latest monitoring report released by blockchain security and data analysis team Bitrace, there has been a critical breakthrough in the recent case of fund loss involving clients of Gate exchange. The monitoring data indicates that the stolen crypto assets did not remain at the initial address but were quickly funneled through a well-organized third-party money laundering channel.

The Escape Route: Pointing to a "Guarantee"-Branded Laundering Group

The report clearly states that the stolen funds ultimately entered a public group operated by an entity called "Xinbi Guarantee." This group is not an ordinary chat community but functions as a dedicated money laundering hub. Its internal operations are highly automated, with all processed transactions meticulously recorded by a system called a "Report Bot," highlighting its professional and scaled characteristics.

Asset Disposal and Linked Tools

Through in-depth tracking via Bitrace Pro, security analysts found that the stolen Ethereum (ETH) was disposed of in a short period. Specifically, the ETH was sold off rapidly at a price significantly below fair market value—approximately 1,800 USDT. This is a common "cashing out" step in the money laundering process, aimed at severing the direct link between the funds and the source crime.

Deeper on-chain analysis revealed the financial entry and exit points behind this laundering group. The receiving addresses it used are closely linked to a crypto payment tool named Newpay, which is also under the umbrella of "Xinbi Guarantee." Since this payment tool began operations, its cumulative received funds have exceeded 1.6 billion USDT. This staggering figure underscores the vastness and activity level of the underlying financial network.

Security Risks Highlighted by the Incident

This incident is not merely a simple asset theft; it exposes the complex money laundering industry chain within the crypto ecosystem:

  • Professional Criminal Collaboration: Clear division of labor in theft, transfer, laundering, and cashing out, supported by automated tools.
  • Exploiting the "Guarantee" Facade: Related entities use the name "Guarantee," potentially lowering the vigilance of some users while actually engaging in illegal fund flows.
  • Exchange Risk Control Challenges: Once funds leave an exchange, the difficulty of tracking and freezing them increases exponentially, posing a severe challenge to post-theft asset recovery for users.

For average users, this case serves as another stark reminder: when holding assets on centralized exchanges, it is crucial to fully understand their security mechanisms. It's also important to recognize that in the event of theft, the possibility of fund recovery often depends on the complexity and speed of the criminal团伙's laundering process.