No matter how large and secure an exchange is, it can still rip you off.
Gate. io ：Price spikes so erratic it makes you question your life choices
On June 4,2025, Gate. io launched the LA/USDT perpetual contract. Four minutes after the market opening, LA / USDT perpetual contract: within seconds, the price of LA skyrocketed from 0.36 USDT to 27 USDT, then plummeted to 0.2 USDT, while the price of LA on most other exchanges hovered around 1 USDT.
As a result, a large number of users suffered liquidation, and some accounts even went into negative equity. One KOL stated that he incurred a loss of 20,000 USDT, while another user lost 100,000 USDT and ended up owing the platform an additional 120,000 USDT. What's even more outrageous is that some users found their transaction orders had been altered — the amount of 4994 USDT was changed to 49.94 USDT.
Gate. io responded as follows: The incident was caused by a combination of abnormal index source data and the automatic risk control mechanism, with no internal manipulation involved. It will only compensate for the cross-liquidation losses, and will not cover the losses from forced liquidation. Users are not satisfied with this explanation, but there is nothing they can do.
OKX: From “Ouyi” to “Ouyi”, a Sordid History Full of Scandals
OKX's shady past is no secret to seasoned crypto investors.
In 2019, the account of veteran private equity tycoon Yang Yongxing on OKX, which was worth over 100 million US dollars, was directly frozen and cancelled. Yang Yongxing sued Xu Mingxing, accusing him of maliciously cancelling the account and embezzling assets. Xu Mingxing claimed that the platform did not even have an account registered under Yang Yongxing's name. The two sides held their own ground, and there has been no conclusion to this day.
Back in the day when OKX was still known as “Ouyi”, it would “pull the network cable” to block trading amid severe market volatility, and manipulate user operations via tactics like “needle pinning” and data rollback, leaving numerous users facing liquidation losses. In 2020, OKX once suspended withdrawals for nearly a week over “private key management issues”.
In 2026, a user complained that their funds on OKX had been frozen for about two months, to which Xu Mingxing responded, “I cannot disclose the reason for the freeze due to legal requirements. ” To put it plainly: I know exactly why your funds are frozen, but I just won't tell you.
In July 2026, a user filed a complaint on the Black Cat Complaint Platform, stating: “3000 yuan worth of USDT in my account suddenly vanished, with no corresponding transaction records at all. The customer service only gave a robotic reply saying 'the system is abnormal and under investigation'. Half a month has passed, and the money still hasn't been refunded to me. ”
WEEX: Withdrawal is only available after post deletion
WEEX's clever hacks are nothing short of textbook-perfect.
A user has reported that when he logged into his WEEX account normally in early May, he found that his balance had been reduced by 2200 USDT for no reason. There was no SMS notification, no App push, and no email alert. The customer service replied that it was a “risk margin deduction”. When the user asked about the basis for this, the customer service said it was a “system judgment” and told him to check the user agreement himself.
A few days later, the account got banned. I submitted all the identity verification documents, which all passed the review, yet the risk control restriction was never lifted.
The most absurd thing is that after the user posted about their experience on Weibo, a staff member from WEEX sent a private message: “Please delete the relevant false remarks, and we will prioritize processing your withdrawal request after you delete them. ”
Translation: No post deletion, no way to get your money back.
The user deleted the post, and the withdrawal function was restored. As he put it: “I've seen it completely clearly. On WEEX, your money isn't yours, your account isn't yours, and even your own words aren't yours. ”
Visit the official website of WEEX, and there is no information whatsoever regarding regulatory licenses, registered location or compliance qualifications. For an unregulated platform, you won't even have a place to turn to when something goes wrong.
Conclusion
Trading volume can be faked, reserves can be misrepresented, security can be bragged about, and users' funds can be frozen arbitrarily. You ask me which exchange to choose？ My advice is to focus on the fundamentals and take a long-term approach. Don' t be fooled by flashy rebates and freebies; look for who actually safeguards your assets and who truly treats users with respect.
As for those who constantly pull the plug, manipulate prices, or freeze accounts at will, I wish them would follow in FTX's footsteps sooner rather than later.
