CertiK Tracks $8 Million in UAE-Linked Crypto Losses as It Expands in Dubai

CertiK has identified five crypto security incidents this year that either originated in the United Arab Emirates or involved a UAE-registered entity. Four accounted for $8.02 million in documented losses. The financial impact of the fifth is still unknown.

The security firm shared the figures on November 3 during the Dubai FinTech Summit, where it outlined its work with exchanges and startups in the Emirates. It did not name the five incidents. CertiK also said gaps in reporting make it difficult to put a reliable figure on total losses across the country.

The findings come days after a separate $6.3 billion breach at Binance. As Blockster reported on October 30, Binance said it had set aside $6.34 billion of its own funds to cover the loss. Customers still had to wait while the exchange rebuilt its withdrawal system. For anyone keeping crypto on an exchange, that episode raised two questions. Does the exchange hold what it owes me? And can I get my money out when something goes wrong?

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How Gate Dubai proved it held customers’ crypto

A customer can look up a Bitcoin address and see how much it holds. The harder questions are whether the exchange controls that wallet and whether the balance covers what it owes customers. CertiK tested both in its March review of Gate Dubai, the Gate Group entity licensed by Dubai’s Virtual Assets Regulatory Authority.

Gate made transactions from wallets under CertiK’s direction to demonstrate control. CertiK then compared reserves with customer balances separately for each of 10 assets, including bitcoin, ether, XRP and solana. An excess of one coin couldn’t make up for a shortage of another.

The result was at least 100% coverage for each asset as of December 31, 2025. That date matters to anyone using the exchange today. The review established what Gate Dubai held against those customer balances on that day. Its scope excluded the company’s wider debts and its ability to meet future withdrawals.

For a Gate Dubai customer reading the March report, the useful detail is the December 31 snapshot date. Customers can check whether their balances were included in that calculation. To understand how the exchange would handle a breach today, they would also need to know who can authorize transfers and how withdrawals would be restored.

“Financial institutions are making real progress in bringing digital assets into financial services, but regulatory approval is only the starting point.”

— Jason Jiang, Chief Business Officer, CertiK

What Abu Dhabi startups get through Hub71

For a founder preparing to apply for a license, the immediate question is often what the work will cost. In July, CertiK became an official vendor for Hub71, Abu Dhabi’s tech ecosystem based in Abu Dhabi Global Market. Eligible startups get a 20% discount on services including smart contract audits and tests that look for ways an attacker could break into their systems. A $200,000 subsidy pool supports the offer across the portfolio. Hub71 program details

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Founders also get free access to CertiK Compliance to help prepare licensing applications and track requirements as the business grows. CertiK says it has engineering and business development staff in Dubai to support its regional work.