Fall of FTX: Gemini forced to suspend withdrawals on its “Earn” program

A complicated Wednesday – At the time of publishing its lines, the caution is required in an ecosystem that has been somewhat burned by the aftermath of the FTX affair. The platform Gemini suspended his program earn since yesterday and the site went down breakdown for an hour at the end of the day. However, the exchange teams announced yesterday at 6 p.m. a return to the normal. Direction New York to take stock.

Gemini announces the suspension of withdrawals from its Earn program

It is therefore approximately 3 p.m. in Paris when Gemini announces having difficulties with his Program earn. The contractual withdrawal period of five days can no longer be respected. In fact, the company Genesis Global Capitalservice partner, is in difficulty following the bankruptcy of FTX.

Published both on his blog and on social networks, this news did not take long to sow the trouble. The community fears new disappointments on the side of centralized crypto platforms. The statement ensures that the other services are working normally and that client funds are secured.

Gemini announces the suspension of withdrawals from the Earn program – Source: Twitter

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Gemini’s website becomes unresponsive and rumors are circulating

Only a few hours after this episode, users noticed that the website from the exchange is offline. The news rumors will then surge on Twitter.

A few smart guys then rush into the breach and are already planning to bet on the fall of Gemini by shorting the stablecoin house, the GUSD. An attempt to exploit the announced weakness of a major player which gives rise to lively exchanges around the relevance of this type of manoeuvre.

At 5 p.m., problem on the Gemini platform site.  Finally, we will learn an hour later that it was Amazon Web Service that had a problem.  But rumors about Gemini are launched and circulating on social networks.
Announcement of the outage and return to normal on the site – Source: Twitter

Gemini is finally operational again

Finally towards 6 p.m., a press release is published which returns to the incident. It would be a simple breakdown at the house of Amazon Web Service who hosts the servers of the society. The database is restored and the site put back into service normally at the end of the day.

And now ? Customers are still waiting to know what the purpose of the exchanges with Genesis Global Capital whose parent company is Digital Currency Group, which also owns CoinDesk. Ironically, it was this media that first broadcast the company’s wobbly accounts Alameda Researchan event that will go down in history as the media starting point of the fall of FTX.

This is what we could say on Thursday about the particular situation of Gemini. Concerning the rest of the sector, we have been witnessing for a few days declarations of intentions virtuous many actors who wish to restore the image of their profession by reaching out to companies challenged by recent events.

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