Gate.io's Controversial 2:1 Forced UXLINK Token Swap — "Why Not 1:1 Like Other Exchanges?"

Binance, OKX and Other Major Exchanges Conducted 1:1 Swaps, Only Gate.io Applied Unfavorable Ratio

Global cryptocurrency exchange Gate.io has been embroiled in controversy after unilaterally applying an unfavorable exchange ratio different from other major exchanges during the UXLINK token swap process, causing investor losses.

According to Blockstreet's investigation, Gate.io swapped UXLINK tokens at a 2:1 ratio on October 23 and distributed the remaining half as point cards worth 0.1 USDT, while major exchanges such as Binance and OKX conducted normal 1:1 exchanges during the same period.

Since Gate.io announced its UXLINK token exchange policy, complaints have continued to pour in on the X (formerly Twitter) account of Gate.io founder Lin Han (韩林). The core issue is the clear difference in exchange ratios between exchanges. For the same UXLINK token exchange event, all major global exchanges including Binance and OKX conducted exchanges at a 1:1 ratio.

However, only Gate.io applied an unfavorable 2:1 ratio. In other words, investors received only 1 new token for every 2 UXLINK tokens they held. The value corresponding to the remaining half was distributed as point cards worth 0.1 USDT.

This means that only Gate.io users suffered losses with their asset value effectively cut in half.

Among the affected investors are many long-term Gate.io users. One investor stated on Lin Han's X account: "I have been using your exchange for over 10 years," and "Other exchanges like Binance or OKX exchanged the existing UXLINK tokens at 1:1, but Gate only listened to the project side and applied a so-called 'weight' to reduce the exchange ratio."

He continued to criticize: "This is admitting that you care least about protecting customer interests," and "Who would dare to use your exchange in the future if this continues?"

The specific details of Gate.io's UXLINK token exchange policy are as follows:

First, forced 2:1 ratio swap. Gate.io stated in its official announcement that it "received only 50% of the new tokens from the project side" and swapped existing investor assets at a 2:1 ratio. This means investors received only 1 new token for every 2 old UXLINK tokens they held.

Second, the remaining 50% was distributed as point cards. Gate.io announced compensation for the remaining

Joohoon Choi joohoon@blockstreet.co.kr