Gemini halts withdrawals from their lending service

November 16, 2022
https://web3isgoinggreat.com/?id=gemini-halts-withdrawals-from-their-lending-service

Gemini halts withdrawals from their lending service

The Gemini cryptocurrency platform announced that they would be pausing withdrawals on their lending platform. This is because they partner closely with Genesis' lending products, which halted withdrawals shortly before.The company said in a blog post that they were "working with the Genesis team" to restore withdrawals. Like Genesis, they tried to urge that the issue would not affect other Gemini products. However, a service outage that same day did little to strengthen trust in the company.

Web3 is Going Just Great
@web3isgreat not your keys, not your coins
@matty @web3isgreat absolutely. Nothing new but some are learning it the hard way. Let see what the full Impact to crypto this FTX will be.

@kjoo @matty @web3isgreat Some people absolutely knew but it's just more convenient to leave your coins in an exchange since if you want to invest that momey you don't have to send it from your wallet to the exchange saving you time and money.

The real question is why the hell would we have to pay to send money to a "bank" in the fiat world, but hey, I guess it's just crypto world stuff.

@web3isgreat Yet another FTX situation? Damn, those exchanges are really dropping one after the other. I wonder when Binance or Coinbase will fail, that would probably be the end for crypto altogether.