8/10/2023 0 Comments Gemini exchange outage![]() “Gemini exchange fully back online all customer funds held on the Gemini exchange are held 1:1 and available for withdrawal at any time,” Gemini said in a tweet. Meanwhile, Gemini’s exchange went offline for a time on Wednesday - an outage the company attributed to an issue with Amazon Web Services. Bloomberg via Getty ImagesĬompany officials added that the pause “does not impact any other Gemini products and services.” ![]() “We are disappointed that the Earn program SLA will not be met, but we are encouraged by Genesis’ and its parent company Digital Currency Group’s commitment to doing everything in their power to fulfill their obligations to customers under the Earn program.” Gemini conducted layoffs over the summer as crypto prices plunged. “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 The Gemini exchange is available on both web and via a mobile app. This is the preferred option for investors who are likely to hold onto their cryptos. The first is their cryptocurrency exchange which allows you to buy and sell coins. SEC sues Winklevoss twins over ‘Gemini Earn’ program that sparked $900M crisis Exchange & Platform The Gemini exchange offers two distinct services. Several hours earlier, Gemini announced that its Earn unit will be unable to meet customer redemptions in the service-level agreement's time frame of five days following the disclosure by Genesis Global Capital that it halted withdrawals and new loan originations.Winklevoss twins slashing 10% of crypto firm Gemini’s workforce: report At 10:10 pm IST, Genesis said: "We are continuing to investigate this issue." Further updates to follow," Gemini wrote in a status update at 10:03 pm IST on Wednesday. All customer accounts and funds remain completely secure. "Gemini is investigating reports of potential service disruptions. According to Gemini's status page, most of the company's services were down, including "fiat deposits and withdrawals." Both Gemini Earn - the exchanges' crypto lending programme and the Gemini mobile app were also experiencing "major outages." Gemini reassured users that customer funds were safe and later confirmed on Twitter that the service was back up and running and that users could make withdrawals at any time. Gemini, the crypto exchange founded by the Winklevoss twins back in 2014, experienced a temporary outage on late Wednesday caused by what the firm claims to be due to an Amazon Web Services EBS outage.
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