Gate boasts 104% cold reserve coverage, but separate snapshot dates raise red flags
Gate introduced Proof of Security (PoSEC), reporting that cold storage covered 104.58% of customer balances as of Nov. 5. The ratio compares cold-storage and user-asset shares from different snapshots, however, so it does not establish same-date coverage or a measurable dollar buffer if hot wallets were lost. Gate says qualifying cold assets can include traditionally held assets, and that wallet addresses are withheld for security. Independent verification of asset authenticity, control, valuation, scope and the coverage calculation was still in progress. The disclosure therefore offers a framework for assessing hot-wallet-loss resilience, but does not yet provide enough evidence to confirm its headline backing claim; it also does not show insolvency or customer losses.
