• Gemini guaranteed its customers that their money is secure.
  • Gemini advised clients earlier today that there may be delays for withdrawals on its Earn product.

Gemini, a cryptocurrency exchange, said on Twitter that it had a brief service outage today. The exchange informed consumers earlier today that Earn programme lender Genesis was temporarily suspending withdrawals. Gemini outage was struck just hours later, for reasons it called an “Amazon Web Services EBS outage,” which it explained on Twitter.

Gemini guaranteed its customers that their money is secure. It then announced the service was back up and running—and that customers may make withdrawals at any moment.

The exchange stated:

“Gemini exchange fully back online; all customer funds held on the Gemini exchange are held 1:1 and available for withdrawal at any time.”

Bad Timing For an Outage

Users of the NewYork-based exchange expressed concern on Twitter that they were unable to withdraw cash or use the service during the outage. Gemini also advised clients earlier today that there may be delays for withdrawals on its Earn product—a programme that allows users to earn interest for depositing idle cryptocurrencies.

However, some are sceptical that Gemini can really deliver on that promise. After the failure of FTX, once one of the largest exchanges in the world, Gemini (for some hours due to an outage) and Genesis both froze withdrawals. The FTX crypto exchange, created by former billionaire Sam Bankman-Fried, filed for bankruptcy late last week after unexpectedly losing billions of dollars of investors’ money.

The exchange added:

“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.” 

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