Gemini Platform Outflow Reaches $850 Million In The Last 24 Hours

Gemini has withdrawn $850 million in the last 24 hours as it was affected by the fact that Genesis, a lending partner in their Earn program, is also experiencing liquidity problems following the collapse of FTX.

On November 17, according to CryptoQuant and Nansen data cited by Twitter user @theData_Nerd, in the past 24 hours, Gemini, a cryptocurrency exchange and custodian, withdrew $850 million, including consisting of $230 million in stablecoins, 22,000 BTC (about $370) and 200,000 ETH (about $250 million).

This caused the stablecoin reserve of the Gemini platform to drop to $150 million.

Ahead of yesterday’s news, Gemini said that its wealth management products have been impacted by Genesis, a lending partner in their Earn program. Genesis has halted withdrawals and was unable to respond to customer transactions within 5 days.

The company is working with the Genesis team to help customers exchange money from the Earn Money program as quickly as possible.

Genesis and its parent company, Digital Currency Group, are committed to doing their best to fulfill the Monetization program obligations to customers and will continue to communicate with all Earning customers on their behalf.

It also emphasizes that this will not affect any other Gemini products and services, ensuring that all customer funds are kept 1:1 and can be withdrawn at any time.

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