Users of crypto exchange Gemini temporarily lost access to their crypto assets on Wednesday. The incident took place soon after the firm announced it was temporarily stopping its Earn product, but it appears that a separate server issue was to blame. Customers were likewise forewarned by Близанци earlier today that withdrawals from its Earn product would experience delays as well.
Gemini Faces Outage Across Platforms
Right after the announcement was made, users across the globe pointed out that they were logged out of their accounts, and some couldn’t access the different parts of the app. The exchange’s званична статусна страница showed widespread outages as of 11:55 am ET.
Call it strange timing or pure coincidence, but the outage happened right after Gemini’s tweet about disabling their Earn feature. Investors across the board panicked about Gemini winding up operations due to having exposure to both Genesis and ФТКС.
Опширније: Генесис обуставља повлачења купаца након колапса ФТКС-а
However, Gemini later tweeted that, it was merely an “Amazon Web Services EBS outage”. Gemini reassured users that their funds were secure and that they could also make withdrawals as all services were back up and running. As of 12:35 pm ET, most services had been restored.
Близанци размена потпуно поново онлајн; сва средства клијената која се држе на Гемини берзи држе се 1:1 и доступна су за повлачење у било ком тренутку.
- Близанци (@Гемини) Новембар 16, 2022
Even though most of the outage has been fixed, Gemini Earn still remains closed for customers as of now. Earlier today, Genesis blamed “unprecedented market turmoil” for its issues.
Genesis Falters After FTX Collapse
After prime broker Genesis stopped new loan originations and customer redemptions within its lending business, Gemini Earn put a halt to withdrawals. Gemini Earn is the yield-earning product offered by the exchange for users to earn rewards on over 40 cryptocurrencies.
Gemini released a statement when it paused Gemini Earn, which stated,
„Свесни смо да је Генесис Глобал Цапитал, ЛЛЦ (Генесис) — кредитни партнер програма Еарн — паузирао исплате и да неће моћи да испуни исплате купаца у оквиру уговора о нивоу услуге (СЛА) од 5 радних дана.“
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Source: https://coingape.com/ftx-crisis-gemini-outage/