Gate CEO says crypto exchanges must prove they can survive a hack like Binance’s

Gate CEO Lin Han said the exchange holds enough assets in cold storage to cover all customer balances even if its hot wallets were fully drained, citing the Binance hack as a stress test the industry must match. An independent audit of those reserves is now underway, though Gate has not disclosed the size of its cold-storage holdings or the auditor's identity. The disclosure comes as exchanges face mounting pressure to prove solvency rather than simply assert it, following Binance's recent breach. What to watch next is whether the audit is published in full and whether other venues follow with verifiable proof-of-reserves rather than self-reported figures.