Gemini Earn Halts Withdrawals Amid Genesis Solvency Concerns: We Recommend All Users Withdraw Funds ASAP

The interest bearing Earn product offered by Gemini relies on lending user money to Genesis.Genesis released a statement today that they are halting withdrawals due to “liquidity issues.”

However, FTX has created unprecedented market turmoil, resulting in abnormal withdrawal requests which have exceeded our current liquidity.

— Genesis (@GenesisTrading) November 16, 2022

Due to the issues at Genesis, Gemini has halted withdrawals for Gemini Earn users.This does not impact any other Gemini products and services. Gemini is a full-reserve exchange and custodian. All customer funds held on the Gemini exchange are held 1:1 and available for withdrawal at any time. You can read more here.Gemini says this does not impact their other products but we recommend all users withdraw their funds and self custody their bitcoin ASAP in order to minimize potential risk. This recommendation applies to all users of all bitcoin custodians but especially those that offer “yield” products.

Blog Post

Leave a Reply

Your email address will not be published. Required fields are marked *