In May 2023, Local Traders SpA — a Chilean fintech company — was the victim of a cyberattack. Chile's 8th Criminal Guarantee Court of Santiago has since issued four final, unappealable orders, including restitution of the stolen assets. Gate.io has not complied.
This page compiles the court record, regulatory actions, platform enforcement decisions, independent media coverage, and Gate's own self-published licensing disclosures — with citations to primary sources wherever available.
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Elapsed since Chile's final restitution order Four court orders. Zero compliance. The stolen assets remain in custody of Gate.io.
Chile's PDI Cybercrime Brigade (Brigada del Cibercrimen, Policía de Investigaciones) opens a criminal investigation. Working with blockchain forensics firm TRM Labs, funds are traced through Tornado Cash — a mixing service sanctioned by the U.S. Treasury's OFAC — to a wallet on Gate.io.
18 Nov 2024
Seizure order issued — Gate complies
The 8th Criminal Guarantee Court of Santiago orders the identified assets frozen. Gate freezes the wallet.
27 Feb 2025
Restitution order issued — not complied with
The court orders Gate to return the assets to Local Traders SpA. A parallel order served on Binance the same day is complied with immediately. Gate does not comply.
28 Apr 2025
Formal contempt warning issued
Chile's Public Prosecutor issues Oficio N° 394, warning of criminal contempt proceedings under Article 240 of the Code of Civil Procedure.
8 May 2025
Restitution order reaffirmed
The court dismisses Gate's challenge to the restitution order in full.
21 Aug 2025
Final ruling — orders declared firm and unappealable
All prior resolutions are declared final, enforceable, and exhausted of appeal. Gate has stated it will comply once served through the appropriate international legal channel.
Jan & Apr 2026
Cease-and-desist letters sent to Local Traders
Gate's Chilean legal counsel sends two formal letters to Local Traders SpA regarding its public statements about the case.
6 May 2026
Chile's financial regulator issues public warning
The Comisión para el Mercado Financiero (CMF) names Gate.io and 11 affiliated entities as unauthorized to operate in Chile.
May 2026
Platform enforcement action
Apple removes the Gate.io app from Chile's App Store.
Nov 2025 – May 2026
Independent investigations published
La Tercera, Criptonoticias, Biobío Chile, and El Mostrador each publish separate investigations into the case.
Ongoing
Assets remain with Gate
Despite four final court orders and a formal contempt warning, Gate.io continues to hold the disputed assets.
Exhibit 01
Chilean Court Orders
Case RUC 2300614628-7 / RIT 8295-2024, before the 8° Juzgado de Garantía de Santiago (Chile's 8th Criminal Guarantee Court). All four resolutions below are final and no longer subject to appeal.
18 November 2024
Seizure order (orden de incautación)
Complied
Court orders the freeze of assets identified on Gate.io. Gate complies and freezes the wallet.
27 February 2025
Restitution order (orden de restitución)
Not complied with
Court orders Gate to return the frozen assets to Local Traders SpA. A parallel order served on Binance the same day is complied with immediately. Gate does not comply.
28 April 2025
Formal contempt warning — Oficio N° 394
Warning issued
Chile's Public Prosecutor formally warns Gate of potential criminal contempt proceedings under Article 240 of the Chilean Code of Civil Procedure, which provides for penalties of up to five years imprisonment for non-compliance with final court orders.
8 May 2025
Reaffirmation of restitution order
Not complied with
Gate's formal challenge to the restitution order is reviewed and dismissed in full by the court.
21 August 2025
Final ruling
Firm & unappealable
The court declares all prior resolutions firm, enforceable, and no longer subject to appeal.
23 & 28–29 April 2026
Ejecutoriedad and no-appeal certificates
Certified
The court formally certifies that no appeals were filed against the November 2024 and February 2025 resolutions, and that the deadline to do so has expired.
Certified by Carolina Fernández Ríos, Jefe de Unidad de Causas y Sala, 8° Juzgado de Garantía de Santiago · verifiable at verificadoc.pjud.cl
On the amount: 379.2 BNB was stolen in total. A portion was recovered through Binance, which complied with the equivalent restitution order immediately. Independent reporting on the remaining balance held at Gate.io has varied (Criptonoticias reported ~260 BNB, ≈USD 250,000, as of April 2026), since both the on-chain balance and BNB's market price change over time. The live balance is verifiable directly on BscScan.
Exhibit 02
Regulatory Warnings
Financial regulators in two jurisdictions have taken formal public action regarding Gate entities.
6 May 2026
Chile — Comisión para el Mercado Financiero (CMF)
⚠ Official warning
Chile's financial regulator issues a formal public notice stating that the entities below are not registered or authorized to provide services under its supervision.
The Bank of Lithuania confirms in writing that Gate Global UAB lost its VASP registration as of 1 January 2026 and lacks MiCA authorization to provide crypto-asset services in the European Union.
Reference: Case 2026-01508
Exhibit 03
Platform Enforcement Actions
A major technology platform independently took action regarding Gate.io's app.
May 2026
Apple — App Store removal (Chile)
Removed
Apple removes the Gate.io application from the Chile App Store.
Reference: APP234098
Exhibit 04
Independent Media Coverage
Chile's leading national outlets have covered this case independently. Summaries below are brief; follow the links to read each outlet's full reporting directly.
La Tercera National daily
One of Chile's oldest and most-read newspapers reports on the criminal complaint and the jurisdictional dispute.
On-chain investigator ZachXBT (1.3M+ followers) independently referenced the case, noting a broader pattern of victims struggling to recover frozen funds from offshore centralized exchanges.
Gate's official website discloses the following licenses, registrations, and approvals held by its various entities. The list below is drawn directly from that page.
🇭🇰 Hong Kong
Hippo Financial Services Ltd.
Trust or Company Service Provider (TCSP) license — No. TC008572
CASP under MiCA + Financial Institution — MFSA. Passported across the EEA.
🇦🇺 Australia
Gate Information Pty Ltd.
Registered Digital Currency Exchange Provider — AUSTRAC
🇦🇪 Dubai (DMCC)
Gate MENA DMCC
Permitted proprietary trading in crypto commodities
🇦🇪 Dubai
Gate Technology FZE
VASP license for exchange services — VARA
🇧🇸 Bahamas
Gate Global Limited
Approved for digital asset business — SCB
🇯🇵 Japan
Gate Japan K.K.
Registered exchange operator — FSA No. 00018
🇨🇾 Cyprus
Gate Securities (Cyprus) Ltd.
Licensed CIF — CySEC 395/20. Passported across the EEA.
Not on this list
Gate Global Corp. — the Panama-incorporated entity that holds the wallet containing Local Traders' stolen assets — does not appear among the licensed entities Gate discloses on its own website. Neither does any Gate entity registered in Chile.
Gate's licenses page notes that "Gate" is a shared brand used by separate entities that each operate independently. Gate Group's publicly identified founder and CEO is Dr. Lin Han.
