![]() ![]() “The past week has been an incredibly challenging and stressful time for our industry,” Gemini said. In a lengthy statement, Gemini said it was aware that Genesis had paused withdrawals and “will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days.” The Earn accounts were frozen after its main lending partner, Genesis Global Capital, enacted a similar freeze, according to the report.ġ/6 We are aware that Genesis Global Capital, LLC (Genesis) - the lending partner of the Earn program - has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days. Genesis has reportedly tapped advisers to help find a remedy for the situation. The move raised questions about the health of a program that holds more than $700 million in customer money, according to Bloomberg. Gemini - whose founders Cameron and Tyler Winklevoss have become crypto kingpins in the years since their legal war over Facebook with former Harvard classmate Mark Zuckerberg - also was reportedly forced to temporarily halt withdrawals on its “Gemini Earn” program where customers can earn interest on their digital currency. The net outflow was the largest among any cryptocurrency platform. More signs of trouble have surfaced at the Winklevoss twins’ embattled cryptocurrency exchange Gemini after FTX’s sudden collapse into bankruptcy sparked fears of a sector-wide contagion.ĬoinDesk reported on Wednesday that Gemini had experienced a $563 million rush in customer outflows in the last 24 hours, compared to just $78 million in inflows. Winklevoss twins sued by Gemini investors over $900M crypto crisis Winklevoss twins accuse key crypto partner of ‘bad faith’ in $900M crisis ![]() SEC sues Winklevoss twins over ‘Gemini Earn’ program that sparked $900M crisis Meanwhile, competing cryptocurrency exchanges Gate.io and OKX have had withdrawal challenges lately because of problems with their cloud service providers.Winklevoss twins slashing 10% of crypto firm Gemini’s workforce: report ![]() ![]() On November 16, Gemini went offline due to an Amazon Web Services EBS outage affecting one of its main databases.Īs of the time of publication, the cause of the exchange’s unavailability remained unknown. It also stated that the problem was being handled by its personnel.ĭue to planned maintenance that was delayed by more than three hours on December 16, the exchange was unavailable for many hours. The platform was entering maintenance mode to look into an application recovery issue, according to its official Twitter account. Customers’ money and accounts are always absolutely protected. According to the exchange, reports of potential service interruptions are being investigated. Its status page indicated that several systems were presently down. Gemini, a cryptocurrency exchange, has experienced two more outages in the past week. Gemini Exchange suffered two more downtimes It was reported earlier this month that Genesis Trading, a significant crypto lender, and its parent company Digital Currency Group (DCG), owe Gemini consumers $900 million. The shaky exchange’s most pressing problem is not the downtimes. On December 15, 2016, the server went down for 3.5 hours. The event marked the exchange’s second outage in the previous week. According to the website’s notice, the situation was rectified at 14:00. However, Gemini asserted that the clients’ money was secure. The business was still working to restore complete system operation two hours later. All Gemini customer accounts and funds remain completely secure.- Gemini December 20, 2022 We are working on a solution to the application recovery issue we identified and expect all systems to be back online shortly. ![]()
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