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Gemini Exchange Suffers Outage But Assures Investors That All Funds Are Safe

Cryptocurrency exchange Gemini is experiencing an outage that has halted all transactions and is seriously affecting the exchange. This outage affects deposits as well as withdrawals, which is currently destabilizing the exchange. However, the exchange informed the public that all funds are safe, and would last 5 days.

Gemini Announces Outage In Exchange

The crypto exchange firm, Gemini is currently facing an outage, with all trading activities disrupted. An investigation into the root cause of this outage is currently underway, and the firm assures all investors that their funds are safe and intact.

With this outage, the company expressed its inability to meet the needs of users, whether withdrawals or deposits, for a 5-day period. This news, however, coincided with Genesis Global Capital’s recent announcement that all user redemption on the platform would be halted until further notice.

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Gemini wrote to the public about the market stress caused by the market crisis and FTX collapse, as well as the firm’s dissatisfaction with its inability to meet the needs of its users at this time due to the outage. He assures the public, however, that the firm is doing everything possible to get the system up and running as soon as possible, as this is the firm’s top priority.

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Hands On Deck To Resolve Outage

With the assistance and cooperation of Genesis Global Capital, all actions and necessary measures are being implemented to ensure that users have access to the Earn program.

Gemini also clarified that the outage had no effect on any of the firm’s other sectors, as only trading and withdrawals were halted.

This announcement from Gemini comes after Genesis Global Capital suspended all user redemptions on its lending platform. Following the FTX collapse, the firm responded by suspending all user redemptions, as investors appeared to have lost faith in the credibility of exchanges after the FTX meltdown.

This announcement also translated to the Gemini exchange, which also declared a suspension of user redemption associated with the Earn program, expressing regret for its inability to meet the needs of its users.

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It however draws strength from Genesis global Capital stating that it will do all that is in its power to ensure things are back to running smoothly again and kickstart the tcupp Earn program for users.


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Jimmy Kelly

Jimmy is one of the news journalists for Tokenhell. He is a big crypto enthusiast and bought his first crypto token way back in 2015! Jimmy publishes updates about crypto tokens, events, price analysis and regulation among many other subjects.

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