![]() Gemini has been embroiled in an intense spat with Silbert's Genesis Trading, a crypto lending firm that generated rich returns for Gemini clients through Gemini's high-yield lending product, which is known as Gemini Earn. ![]() The exchange also faces a legal fight with the Securities and Exchange Commission over an alleged unregistered offering and sale of securities in connection with its partnership with Barry Silbert's bankrupt company, Genesis. Gemini has endured a battle over customer funds in recent weeks. "It was our hope to avoid further reductions after this summer, however, persistent negative macroeconomic conditions and unprecedented fraud perpetuated by bad actors in our industry have left us with no other choice but to revise our outlook and further reduce headcount," wrote Cameron Winklevoss in an internal message obtained by The Information. In early January, Coinbase slashed 20% of its workforce in a second major round of job cuts in an effort to preserve cash during the crypto market downturn. Sometimes exchange outages stem from an excessive overflow. OHLCV Candlestick Charts Public Trades Exchange Time Exchange Status. An exchange outage occurs when trading platforms or exchange system malfunction or are disabled. Downdetector Gemini User reports indicate no current problems at Gemini Gemini is a digital asset exchange that facilitates trading of digital currencies including Bitcoin. Gemini the crypto exchange founded by the Winklevoss twins in 2014 experienced sweeping service disruptions shortly after Genesis froze customer withdrawals on Wednesday. 11, the day that Sam Bankman-Fried's crypto exchange FTX filed for bankruptcy. The ccxt library is a collection of available crypto exchanges or exchange. Last Updated 18:03 Though Gemini Earn remains down, its exchange service is once again accessible. Other crypto firms like, Coinbase, Kraken, and Genesis have eliminated positions since Nov. TechCrunch reported that Gemini had previously trimmed its headcount by 7% in July 2022, following a 10% staff a month earlier. Gemini had 1,000 employees as of November 2022, according to PitchBook data, suggesting around 100 people lost their positions. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower “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.Best Debt Consolidation Loans for Bad Credit Gemini, the exchange started by the Winklevoss twins in 2015, showed many users a '504 gateway time-out. Gemini released a statement when it paused Gemini Earn, which stated, Coinbase said it saw 'all-time-high traffic' that contributed to system outages. Gemini Earn is the yield-earning product offered by the exchange for users to earn rewards on over 40 cryptocurrencies. Genesis Falters After FTX CollapseĪfter prime broker Genesis stopped new loan originations and customer redemptions within its lending business, Gemini Earn put a halt to withdrawals. Earlier today, Genesis blamed “unprecedented market turmoil” for its issues. Gemini exchange fully back online all customer funds held on the Gemini exchange are held 1:1 and available for withdrawal at any time.Įven though most of the outage has been fixed, Gemini Earn still remains closed for customers as of now. As of 12:35 pm ET, most services had been restored. ![]() We would need to resubmit stop limit orders ourselves. ![]() Gemini reassured users that their funds were secure and that they could also make withdrawals as all services were back up and running. Gemini Service Outages 20 April 2023 Updated Apr 21 2023, 0627 EDT SERVICES RESTORED Do note that all open limit orders were cancelled. However, Gemini later tweeted that, it was merely an “Amazon Web Services EBS outage”. ![]()
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