December 7, 2022

Gemini Exchange suffers outage, citing ‘site maintenance’

Gemini users temporarily lost access to the exchange on Wednesday following news that the company was suspending its Earn product, but the outage was apparently due to an unrelated server issue.

Gemini Earn suspended withdrawals on Wednesday after prime broker Genesis halted client redemptions and new lending within its lending division.

Gemini issued a statement when it suspended Gemini Earn, noting that “we are aware that Genesis Global Capital, LLC (Genesis) – the lending partner of the Earn program – has suspended withdrawals and will not be able to meet redemptions. of customers within the service-level agreement (SLA) of 5 working days.

Source: Gemini

At the time, Gemini noted that other products and services are unaffected, stating that “Gemini is a full-reserve exchange and depository. All client funds held on the Gemini exchange are held 1:1 and available for withdrawal at any time.

At around 11:30 a.m. ET on Wednesday, users seeking to access Gemini’s exchange or create an account were redirected to an error message, stating that the platform is “under maintenance”.

Users said they were logged out of their accounts, people familiar with the matter told Blockworks. The exchange’s official status page showed widespread outages beginning at 11:55 a.m. ET, but services began to come back online around 12:40 a.m. ET.

Source: Gemini

The exchange’s official Twitter account blamed the outage on Amazon Web Services:

Web and mobile apps were down at 11:55 a.m., but service was restored around 12:35 a.m. ET.

A Gemini representative referred Blockworks to the official Twitter account.

This story was updated on November 16, 2022 at 12:40 a.m. ET.

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  • Casey Wagner

    Casey Wagner


    Senior Reporter

    Casey Wagner is a New York-based business journalist who covers regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in media studies. Contact Casey via email at [email protected]