One of the largest Bitcoin exchanges in the market suspended its operations for the second time in the last seven days. The exchange has been in the dark for its relationship with Genesis since the FTX crisis.
Giant Bitcoin exchange has been experiencing 2 outages in the last 7 days
cryptocoin.comAs you follow, Gemini announced four days ago that the stock market will be closed for a while. Shortly after trading opened, it suffered a second outage on December 20. According to the status page, some systems are currently experiencing outages. The exchange added that it is “investigating reports of potential service disruptions.” “All client accounts and funds are completely safe,” he assured.
The exchange was previously closed for hours on December 16 for more than three hours of scheduled maintenance. On this date, one of the primary databases Amazon Web Services experienced an outage due to an EBS outage. At this time, it was unclear why the stock market was experiencing the outage. Meanwhile, rival crypto exchanges OKX and Gate.io recently experienced withdrawal issues due to cloud service provider issues.
Gemini forms creditors committee to resolve Genesis liquidity issues
A report from the Financial Times about two weeks ago suggested that Genesis Global Capital owed $900 million to Gemini clients. Sources noted that the exchange is trying to get the funds back by forming a creditors committee. 31 days after Gemini paused the Earn program’s withdrawals, Cameron Winklevoss tweeted that she had formed a committee with Houlihan Lokey, who served as financial advisor.
On December 17, Gemini co-founder Cameron Winklevoss tweeted an update on the company’s Earn program. Winklevoss, “Update on the Earn Programme. Houlihan Lokey, Financial Advisor to the Committee of Creditors, began advocating for a plan to resolve liquidity issues at Genesis and DCG and provide a means of recovering funds.”
In a nutshell, Gemini is unable to accommodate Earn Program withdrawals because its partner Genesis has paused withdrawals. However, the exchange has delayed the resumption of services multiple times since then. Services were down for about 7.5 hours. Gemini has also reportedly gone through two rounds of layoffs since the start of the crypto winter, along with other firms like Coinbase (COIN) and Bybit.
In addition to Gemini’s problems with Genesis, the company also suffered from a database breach. Sources detailed that 5.7 million Gemini user information was leaked. Some reports pointed out that the files were posted on hacker forums.
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.