Gemini blocks withdrawals from its platform

The FTX cryptocurrency trading platform collapse. continue to influence the digital asset market. Companies that trade in these types of assets are forced to act.

First the price of cryptocurrencies

Following the devastating news of the closure of the leading trading company, the market has been affected in several ways. We have already mentioned that cryptocurrency prices have been affected.its impact goes beyond.

Now trading platforms

Unfortunately, the other exchanges also in the cryptocurrency sector have been affected in recent days. It seems that the users are reluctant and insecure about keeping their funds on these platforms.This has resulted in a steady stream of withdrawals from the platforms.

These include Gemini, the Winklevoss brothers’ cryptocurrency exchange, which has seen its users realize withdrawals for a total of 570 million in the last 24 hours alone..

The list goes on and on Binancethe world’s leading cryptocurrency trading platform, faced capital withdrawals of $437.2 million.. Coinbase suffered withdrawals totaling $57.1 million and Kraken suffered withdrawals totaling $38.1 million.

As seen in the tweet, Gemini received only 75.4 million in capital inflows, while withdrawals totaled 570 million. Therefore, the net cash flow yesterday was negative $494.58 million negative $494.58 million.

This alarming data prompted the platform to block new withdrawal requests from its customers.

Gemini announced yesterday it discontinued its performance-generating Earn program. It was this development that led to the withdrawals mentioned above.

The company claims to be working with experts in order to be able to offer their clients a solution that can include “obtaining new liquidity“. They say they will be back with news in the coming week.