Gemini Recovers After Major Service Outage Strikes Among Users

Gemini, the crypto exchange founded by the Winklevoss twins back in 2014, experienced a temporary problem last Wednesday caused by what the company said was an Amazon Web Services EBS outage. According to Gemini’s status page, most of the company’s services were down, including “fiat deposits and withdrawals.” Both Gemini Earn—the exchange’s crypto lending program—and Gemini’s mobile app also experienced “significant disruption.” Gemini assured users that customer funds were safe and later confirmed on Twitter that the service was back up and running and that users could cancel at any time.

“Gemini is investigating reports of potential service disruptions. All customer accounts and funds remain completely secure. Further updates will follow,” Gemini wrote in the letter. status updates at 10:03 pm IST on Wednesday. At 10:10 pm IST, Genesis said: “We are continuing to investigate the matter.”

A few hours earlier, Gemini announced that its Earn unit will not be able to meet customer usage during the five-day service level agreement period following Genesis Global Capital’s disclosure that it has suspended withdrawals and new loan originations.

“We will continue to work with them on behalf of all Earnest customers. This is very important to us. We appreciate your patience,” said Gemini. With many users taking to Twitter to voice their concerns, Gemini he blamed the interruption on Amazon Web Services previously return services around 11:05pm IST.

As things stand, the exchange has confirmed that they are still investigating the matter and will provide further updates as they become available.

Due to the suspension incident, Twitter users have he expressed fearciting the current market situation, saying “Nothing is safe yet.”

The end of Gemini and the withdrawal of Genesis follows the collapse of FTX last week, which was previously one of the biggest exchanges in the world. The FTX crypto exchange, founded by former billionaire Sam Bankman-Fried, filed for bankruptcy late last week after mysteriously losing billions of dollars of investors’ money.

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