With $3+ Billion in Deposits, Gemini Earn Halts Withdrawals
Gemini is now the latest to experience the crypto contagion from the collapse of FTX and Alameda Research.
- According to an update from Gemini on November 16, 2022, Gemini’s Earn program has paused withdrawals.
- Gemini advertises up to 8.05% APY on select cryptocurrencies deposited on its platform. By the end of August 2022, the total value of digital assets deposited on Gemini Earn exceeded $3 billion.
- Gemini says they are “not able to meet customer redemptions” per their own service-level agreement which allows for five business days.
- The lending partner of Gemini’s Earn program is Genesis Global Capital, which also paused withdrawals on November 16th.
- Today’s announcement does not effect Gemini’s cryptocurrency exchange. According to Gemini, the exchange’s assets are held 1:1 and are “available for withdrawal at any time”.
- The news arrives as firms across the digital space continue to experience the negative effects of FTX’s collapse.
This is a developing story and will be updated as new details emerge.
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