Key Highlights:
- Users of Gemini briefly lost access to the market.
- Late on Wednesday, Gemini Earn suspended withdrawals.
- According to users, they were locked out of their accounts.
The Winklevoss twins created Gemini, a cryptocurrency exchange, back in 2014. However, late on Wednesday, Gemini had a brief downtime, which the company attributes to an Amazon Web Services EBS failure.
According to Gemini’s status website, most of the company’s services, including “fiat deposits and withdrawals,” were unavailable. In addition, the Gemini mobile app and Gemini Earn, the exchanges’ crypto lending scheme, were both experiencing “major outages.”
Gemini informed customers that their money was secure before confirming on Twitter that the service had resumed and that customers may withdraw money at any moment.
How users reacted?
Users of the New York-based exchange were alarmed by the downtime, with some reporting on Twitter that they were unable to access the site or withdraw money.
Customers of Gemini were also forewarned earlier today that withdrawals from its Earn program, which allows users to earn interest for depositing unused crypto, would experience delays.
Around 11:30 a.m. ET on Wednesday, anyone trying to visit Gemini’s exchange or register for an account was routed to an error page informing them that the system is “undergoing maintenance.”
A number of users reported being logged out of their accounts at 11:55 a.m. ET, the exchange’s official status page indicated widespread disruptions; however, services started to resume at about 12:40 p.m. ET.
Nansen, a blockchain intelligence platform’s observation
Data from blockchain intelligence company Nansen reveals that Gemini saw the highest net outflows of all crypto exchanges on the last day, totaling $485 million. Only $78 million in inflows were used to balance $563 million in outflows. The gap between the $866 billion in inflows and the $1.55 billion in inflows supplied by Nansen over the preceding seven days, which totals $682 million in net outflows, suggests that most of the withdrawals took place on Wednesday.
