{"id":511808,"date":"2022-11-17T19:26:08","date_gmt":"2022-11-17T16:26:08","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/winklevoss-twins-gemini-crypto-exchange-caught-up-in-ftx-meltdown\/"},"modified":"2022-11-17T19:26:08","modified_gmt":"2022-11-17T16:26:08","slug":"winklevoss-twins-gemini-crypto-exchange-caught-up-in-ftx-meltdown","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/winklevoss-twins-gemini-crypto-exchange-caught-up-in-ftx-meltdown\/","title":{"rendered":"#Winklevoss twins&#8217; Gemini crypto exchange caught up in FTX meltdown"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a396df01bf30\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a396df01bf30\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/winklevoss-twins-gemini-crypto-exchange-caught-up-in-ftx-meltdown\/#%E2%80%9CWinklevoss_twins_Gemini_crypto_exchange_caught_up_in_FTX_meltdown%E2%80%9D\" >&#8220;Winklevoss twins&#8217; Gemini crypto exchange caught up in FTX meltdown&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CWinklevoss_twins_Gemini_crypto_exchange_caught_up_in_FTX_meltdown%E2%80%9D\"><\/span>&#8220;Winklevoss twins&#8217; Gemini crypto exchange caught up in FTX meltdown&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>More signs of trouble have surfaced at the Winklevoss twins\u2019 embattled cryptocurrency exchange Gemini after FTX\u2019s sudden collapse into bankruptcy sparked fears of a sector-wide contagion.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coindesk.com\/markets\/2022\/11\/16\/crypto-exchange-gemini-suffers-485m-rush-of-outflows-amid-contagion-fears\/\">CoinDesk reported<\/a> on Wednesday that Gemini had experienced a $563 million rush in customer outflows in the last 24 hours, compared to just $78 million in inflows. The net outflow was the largest among any cryptocurrency platform.<\/p>\n<p>Gemini \u2014 whose founders Cameron and Tyler Winklevoss have become crypto kingpins in the years since their legal war over <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Facebook<\/a> with former Harvard classmate Mark Zuckerberg \u2014 also was reportedly forced to temporarily halt withdrawals on its \u201cGemini Earn\u201d program where customers can earn interest on their digital currency.<\/p>\n<p>The move raised questions about the health of a program that holds more than $700 million in customer money, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-17\/winklevoss-faithful-have-a-700-million-problem-in-genesis-halt\">according to Bloomberg<\/a>. Genesis has reportedly t<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed advisers to help find a remedy for the situation. The Earn accounts were frozen after its main lending partner, Genesis Global Capital, enacted a similar freeze, according to the report. <\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-wrapper twitter\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/6 We are aware that Genesis Global Capital, LLC (Genesis) \u2014 the lending partner of the Earn program \u2014 has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/9e48pF3Ymn\">https:\/\/t.co\/9e48pF3Ymn<\/a><\/p>\n<p>\u2014 Gemini (@Gemini) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Gemini\/status\/1592873279232278532?ref_src=twsrc%5Etfw\">November 16, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n<p>In a lengthy statement, Gemini said it was aware that Genesis had paused withdrawals and \u201cwill not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days.\u201d<\/p>\n<p>\u201cThe past week has been an incredibly challenging and stressful time for our industry,\u201d Gemini said. \u201cWe are disappointed that the Earn program SLA will not be met, but we are encouraged by Genesis\u2019 and its parent company Digital Currency Group\u2019s commitment to doing everything in their power to fulfill their obligations to customers under the Earn program.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Winklevoss-29.jpg?w=1024\" alt=\"Winklevoss twins\" class=\"wp-image-24687838\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Winklevoss-29.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Winklevoss-29.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Winklevoss-29.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Gemini conducted layoffs over the summer as crypto prices plunged.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>Company officials added that the pause \u201cdoes not impact any other Gemini products and services.\u201d<\/p>\n<p>Meanwhile, Gemini\u2019s exchange went offline for a time on Wednesday \u2014 an outage the company attributed to an issue with Amazon Web Services.<\/p>\n<p>\u201cGemini exchange fully back online; all customer funds held on the Gemini exchange are held 1:1 and available for withdrawal at any time,\u201d Gemini said in a tweet.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-wrapper twitter\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Gemini exchange fully back online; all customer funds held on the Gemini exchange are held 1:1 and available for withdrawal at any time.<\/p>\n<p>\u2014 Gemini (@Gemini) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Gemini\/status\/1592945004359876608?ref_src=twsrc%5Etfw\">November 16, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n<p>The Post has reached out to Gemini for further comment on the situation.<\/p>\n<p>Genesis\u2019 lending unit was forced to pause redemptions and new loan originations on Wednesday \u2013 a move the firm attributed to volatility caused by FTX\u2019s collapse.<\/p>\n<p>\u201cFTX has created unprecedented market turmoil, resulting in abnormal withdrawal requests which have exceeded our current liquidity,\u201d Genesis said in a Twitter thread.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-wrapper twitter\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">However, FTX has created unprecedented market turmoil, resulting in abnormal withdrawal requests which have exceeded our current liquidity.<\/p>\n<p>\u2014 Genesis (@GenesisTrading) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/GenesisTrading\/status\/1592867206722859008?ref_src=twsrc%5Etfw\">November 16, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n<p>Gemini\u2019s move only added to mounting fear among cryptocurrency investors that FTX\u2019s downfall will topple the entire sector, resulting in massive volatility and losses.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Winklevoss-24.jpg?w=1024\" alt=\"Winklevoss twins\" class=\"wp-image-24687835\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Winklevoss-24.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Winklevoss-24.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Winklevoss-24.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The Winklevoss twins are best known for their legal battle with Mark Zuckerberg.<\/figcaption><figcaption><span class=\"credit\">Craig Barritt<\/span><\/figcaption><\/figure>\n<p>The latest crunch added to the pain at Gemini, which laid off 10% of its staffers in June as the Winklevoss twins admitted that cryptocurrencies were in a \u201ccontraction phase.\u201d<\/p>\n<p>FTX filed for Chapter 11 bankruptcy last week after a sudden liquidity crunch that left the platform unable to meet its obligations. At least $1 billion in client funds are still missing, according to Reuters.<\/p>\n<p>Another platform, BlockFi, is preparing for a potential bankruptcy filing and has halted customer withdrawals, the Wall Street Journal reported. The company admitted to having \u201csignificant exposure\u201d to FTX and its sister cryptocurrency trading firm Alameda research, which also declared bankruptcy.\n                        <\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/17\/winklevoss-twins-gemini-crypto-exchange-caught-up-in-ftx-meltdown\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Winklevoss twins&#8217; Gemini crypto exchange caught up in FTX meltdown&#8221; More signs of trouble have surfaced at the Winklevoss twins\u2019 embattled cryptocurrency exchange Gemini after FTX\u2019s sudden collapse into bankruptcy sparked fears of a sector-wide contagion. CoinDesk reported on Wednesday that Gemini had experienced a $563 million rush in customer outflows in the last 24&#8230;<\/p>\n","protected":false},"author":1,"featured_media":511809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Winklevoss-30.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[76971,135234,89897,74866,135705,76127,118001],"class_list":["post-511808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cameron-winklevoss","tag-ftx","tag-sam-bankman-fried","tag-winklevoss-twins","tag-11-17-22","tag-cryptocurrency","tag-tyler-winklevoss"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=511808"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511808\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/511809"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=511808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=511808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=511808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}