One of the largest Bitcoin exchanges in the market participated in the decision to suspend transactions in the last days. After the FTX bankruptcy, many of the companies he was affiliated with are in trouble. Bitcoin (BTC) price and detailed market data from here you can see.
Giant Bitcoin exchange halts operations after FTX’s bankruptcy
Gemini, the cryptocurrency exchange founded by the Winklevoss brothers, Facebook inventors, announced that it is pausing withdrawals on the Earn (earning) program. Gemini said it’s working with Genesis to help customers use their money from the program “as quickly as possible.” There is currently no clear information on when withdrawals can resume.
Gemini’s decision is based on Genesis’ announcement on November 16. cryptocoin.com We have given the details in this article. Shortly after the news, Gemini announced that there would be withdrawal delays for Earn product, of which Genesis is a credit partner. The exchange allows Earn users to earn profits by staking their cryptocurrency deposits for an annual return.
Gemini said in a statement on his official Twitter account:
…The past week has been an incredibly challenging and stressful time for our industry. We are disappointed that the Earn program will not cover HotDollars (HDS) payments, but we are encouraged by Genesis and Digital Currency Group’s commitment to do everything they can to meet their obligations to customers under the Earn program.
Genesis stopped withdrawals earlier today
The Bitcoin platform has suspended withdrawals today, citing “abnormal withdrawal requests.” He blamed the market crisis caused by the FTX bankruptcy, saying it exacerbated the liquidity crisis that began when Three Arrows Capital defaulted. Launched in February 2021, Gemini Earn is a program that allows users to lend their crypto to institutional borrowers and earn interest. Gemini has partnered with third-party borrowers, including Genesis, to facilitate the service.
The Bitcoin exchange says that none of its other products and services are affected by Genesis. Gemini stated that it remains a full reserve exchange and custodian. He added that all client funds are held in a 1:1 ratio and are ready to be withdrawn at any time.
Earlier this week, one of the biggest FTX investors, BlockFi, suspended withdrawals. According to his statements, his platform is preparing to file for bankruptcy. With Genesis also stopping withdrawals, other exchanges are at risk. Former FTX CEO Bankman-Fried also said he wanted to ‘increase liquidity’ in his new tweets.
According to new data, FTX currently has more than 1 million creditors. The stock market said it has more than 100,000 creditors in its bankruptcy filing last week. The application, which was updated today, revealed that the number of creditors is more than 1 million.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.