Winklevoss Brothers-Owned Gemini Suffers $485M In Crypto Outflows As FTX Jitters Grow

Winklevoss brothers-owned crypto exchange Gemini witnessed a surge in withdrawals early, as crypto firms tackle the cascading effects of the collapsed exchange FTX FTT/USD.

What Happened: On-chain data revealed by Nansen, $485 million have been withdrawn from Gemini, in the last 24 hours. 

In the past seven days, Gemini registered $682 million in net outflows — $1.55 billion in inflows minus $866 million in outflows from Nansen — suggesting that withdrawals were concentrated on Wednesday.

See More: Digital Securities

On Wednesday, the company suspended withdrawals for its lending division, Gemini Earn, citing  “extreme market dislocation” and “loss of industry confidence caused by the FTX implosion”, adding that it was looking into options for the lending unit, including locating a new source of financing. 

According to blockchain data platform Arkham Intelligence, digital asset balances on Gemini crypto wallets dropped from about $2.2 billion to $1.7 billion on Wednesday.

Stablecoin issuer Tether USDT/USD said on Wednesday that it had no exposure to Genesis or the Gemini Earn program.

Price Action: FTT is trading at $1.66, down 5.83% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Weak As FTX Fallout Fears Deepen — But This Trader Sees 'Giant Opportunity' To Stash Crypto

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsTop StoriesMarketsFTXGeminiNansenWinklevoss Brothers
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!