Summary
Ketju does not approve GTBTC (Gate Wrapped BTC): it is a custodial earn product of the Gate exchange, and Gate discloses almost nothing about it. DefiLlama tags it “Restaked BTC,” but GTBTC does no restaking or staking. A user deposits BTC with Gate and receives GTBTC, a tradeable token on five chains that Gate says can be redeemed “at any time.” Gate raises its BTC value every 2 to 3 days; on 2026-10-18 one GTBTC was worth about 1.004 BTC. GTBTC has no on-chain vault, no disclosed reserve or proof of reserves, and no published contract logic for the yield. DefiLlama lists zero audits. We could not confirm the issuer’s name or jurisdiction, the custody model, or any admin or freeze power over the tokens. We also could not confirm KYC or eligibility terms, or redemption fees and timing. Gate’s staking and proof-of-reserve pages, read on 2026-10-18, name no issuer or custody model and give no unbonding length, fee or minimum. The proof-of-reserve page showed 0.00 BTC in reserves. A product with no named issuer, no audit and no working reserve report fails on disclosure alone, apart from its custodial risk.
Review triggers
- Gate discloses the issuing entity's legal name, jurisdiction, and custody model for the underlying BTC
- An independent, primary-source security audit and a verifiable on-chain or third-party proof-of-reserve mechanism are published
- Redemption terms, fees, and timing are publicly disclosed
- Gate publishes a dated reserve figure for GTBTC that matches the token supply
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Bitcoin
- Instruments
- GTBTC
- Reviewed
- Last confirmed