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Breaking: Gemini Earn halts withdrawals due to ‘market turmoil’ caused by FTX fallout

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Breaking: Gemini Earn halts withdrawals due to ‘market turmoil’ caused by FTX fallout

Breaking: Gemini Earn halts withdrawals due to ‘market turmoil’ caused by FTX fallout Andjela Radmilac · 9 hours ago · 1 min read

Gemini said it is working with Genesis to help customers redeem their funds from the Earn program “as quickly as possible” but did not specify when withdrawals might resume.

1 min read

Updated: November 16, 2022 at 2:58 pm

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Cover art/illustration via CryptoSlate

Gemini, a cryptocurrency exchange based in the U.S., said that it has paused withdrawals on its Earn program.

Genesis Global, the lending partner of the Earn program, is no longer able to meet customer redemptions as mandated in its service-level agreement (SLA).

The exchange said it was working with the Genesis team to help its customers redeem their funds “as quickly as possible” but provided no timeline as to when that might happen. More information will be provided in the coming days.

2/6 We are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible. We will provide more information in the coming days.

— Gemini (@Gemini) November 16, 2022

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Genesis halted its own withdrawals and redemptions earlier today, saying “abnormal withdrawal requests” have exceeded the company’s current liquidity. The borrower blamed the market turmoil caused by the FTX fallout, saying it further exacerbated the liquidity crisis that began when Three Arrows Capital defaulted.

Launched in February 2021, Gemini Earn is a program that enables users to lend their crypto to institutional borrowers and earn interest. Gemini partnered with third-party borrowers, including Genesis, to facilitate the service. At the time, the company said all third-party borrowers were vetted through a risk management framework that reviews the partners’ collateralized management process.

“The past week has been an incredibly challenging and stressful time for our industry. We are disappointed that the Earn program SLA will not be met, but we are encouraged by Genesis’ and its parent company Digital Currency Group’s commitment to doing everything in their power to fulfill their obligations to customers under the Earn program,” Genesis said in an announcement.

The exchange noted that none of its other products and services were impacted by Genesis. Gemini said that it remained a full reserve exchange and custodian, adding that all customer funds are held 1:1 and are available for withdrawal at any time.

Article updated 14:50 GMT to add details.

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Bear Market

Kraken to layoff 1,100 people to ‘adapt to current market conditions’

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Kraken to layoff 1,100 people to ‘adapt to current market conditions’

Kraken to layoff 1,100 people to ‘adapt to current market conditions’ Samuel Wan · 7 hours ago · 1 min read

The U.S.-based crypto exchange announced it intends to lay off roughly 30% of its staff due to the turbulent market conditions.

1 min read

Updated: November 30, 2022 at 5:38 pm

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Cover art/illustration via CryptoSlate

U.S.-based crypto exchange Kraken has announced laying off 1,100 staff members, equating to 30% of its workforce, as a response to weathering crypto winter.

The blog post, signed by CEO Jesse Powell, expressed regret in arriving at this decision. However, Powell said it was necessary to “adapt to current market conditions.”

Staff affected by the cut were notified this morning, with Powell saying the company will assist in finding new work opportunities for those impacted.

Crypto winter bites hard

Powell said Kraken had tripled its workforce over the past few years to cope with rising demand. The reduction in headcount reverts numbers back to a year ago.

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In explaining the reasons behind the decision, blame was laid on macroeconomic and geopolitical factors, which have negatively impacted financial markets.

“This resulted in significantly lower trading volumes and fewer client sign-ups. We responded by slowing hiring efforts and avoiding large marketing commitments.”

However, with these factors continuing to bite down hard and all other options exhausted, the decision was made to reduce workforce numbers.

Departing staff will “receive comprehensive support,” including 16 weeks of separation pay, performance bonuses for eligible individuals, four months of healthcare, and support with visa issues and work placement opportunities.

The future

Despite the news being a blow for the company and the crypto industry in general, Powell said the cuts would ensure the company’s survival into the future.

“I’m confident the steps we are taking today will ensure we can continue to deliver on our mission which the world needs now more than ever before.”

With that, he signed off, saying he remains bullish on crypto and Kraken.

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Bankruptcy

Insights on Sam Bankman-Fried’s ‘dark’ Republican political donations

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Insights on Sam Bankman-Fried’s ‘dark’ Republican political donations

Insights on Sam Bankman-Fried’s ‘dark’ Republican political donations Samuel Wan · 40 mins ago · 2 min read

YouTuber Coffeezilla gives his take on a Tiffany Fong interview with Sam Bankman-Fried, in which he claimed to be a secret Republican donor.

2 min read

Updated: November 30, 2022 at 2:09 pm

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Cover art/illustration via CryptoSlate

Former FTX CEO Sam Bankman-Fried (SBF) gave his first interview with “citizen journalist” Tiffany Fong post-collapse.

The pair discussed multiple aspects of the FTX saga, including the “backdoor,” FTT as collateral, and his regrets. But of particular interest were SBF’s comments on dark money donations made to Republican politicians.

It is widely known SBF was a significant supporter of the Democrat administration. His $37 million donations made him the party’s second-biggest donor, after investor George Soros.

Some speculate this link is a factor in the lack of criminal proceedings against him. For example, lawyer John E. Deaton questioned why authorities have failed to respond, calling the criminal justice system “compromised.”

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Let me make this clear if SBF isn’t arrested and charged with fraud, wire-fraud, theft, and possibly money laundering before and instead gets to spew out his bullshit narrative, our system of justice has been compromised. @ewarren you claim to be for the little guy, where are you https://t.co/cdmOa7U0an

— John E Deaton (@JohnEDeaton1) November 23, 2022

However, based on Fong’s interview, it seems SBF has more political clout than first thought.

Sam Bankman-Fried played both sides

In recent months, Fong’s investigations into Celsius, and now FTX, have earned her a reputation for sound investigative journalism.

During the 20-minute interview, the issue of political donations cropped up, with SBF saying he donated “about the same amount” of money to both parties. Further, donations to the Republican party were “dark.”

“I donated to both parties, I donated about the same amount to both parties… All my Republican donations were dark.”

Explaining why he chose this route, SBF said it was not for regulatory reasons. Rather, it was to quell the potential backlash from left-biased news outlets.

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“It’s because reporters freak the f*ck out if you donate to Republican. They’re all secretly liberal and [I] didn’t want to have that fight, so I made all the Republican ones dark.”

Coffeezilla speaks

Chiming in on the disclosure, YouTuber Coffeezilla aka Stephen Findeisen, said there was a lot to unpack with SBF’s comments.

Firstly, referring to SBF’s now infamous tweet in which he said “FTX is fine,” Coffezilla said he is skeptical about whether the former CEO is telling the truth. Nonetheless, whether he is lying or not, it is a lose-lose situation for SBF.

Sharing his insights, Coffeezilla said it goes to show that SBF has no political agenda, only that he wanted to be powerful and to be seen to care, “that’s why he played both sides.”

“If he’s lying, this looks bad for him. But if he’s telling the truth it looks worse. It shows you how cynical Sam was. He never cared about politics. He cared about power and perception”

Coffeezilla continued by saying this mindset is about “trying to craft an image.” With the generous billionaire image in tatters, SBF is now trying to deflect the criminal narrative into one of “the smart guy who made an embarrassing mistake.”

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The Bear Market Trend Continues, Solana And Avalanche Investors Should Consider Runfy For 20X Profits By 2023

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The Bear Market Trend Continues, Solana And Avalanche Investors Should Consider Runfy For 20X Profits By 2023

The growth of the virtual metaverse has sparked a boom in cryptocurrency initiatives, opening doors for users of the cryptocurrency to profit from the expanding metaverse market. Runfy (RNF), a brand-new cryptocurrency is one such project.

The presale cryptocurrency Runfy (RNF) promises to use the metaverse to enhance one of the most important aspects of human life;  health. Runfy (RNF) aims to provide more than other industry leaders like Solana and Avalanche who have experienced a bad fall due to the prolonged bear market. In this article, we’ll examine these three cryptocurrencies, and explain why you should add RNF to your portfolio before Solana and Avalanche.

Solana (SOL) The Top Crypto Platform

Solana is a top crypto platform that has gained popularity over the years. The Solana (SOL) platform allows its users to “delegate” their coins to validators in a manner similar to how people “delegate” your local fiat money to a bank to earn interest. Users can contribute a stake to the network’s validation because Solana is a Proof of Stake cryptocurrency, ensuring that it keeps running smoothly.

Each Solana validator has proven their dependability as a decision-maker and authority figure by putting up a stake. Participants get paid according to the size of their investment because it is an essential network function. With each Solana validator being able to add a little charge, these payouts now amount to almost 8% APY on coins that have been staked (typically 0-10 percent). But many staking-focused investors are starting to steer clear of Solana.

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Solana is a good token with amazing features, no doubt. However, it’s reign might be over as the near market has refused to let up, causing the token to fall drastically.

Avalanche (AVAX) The Smart Contract Crypto

Avalanche (AVAX) is a smart contract-based cryptocurrency network that has a distinct competitive advantage over most other blockchain networks in terms of speed and scalability. The Avalanche (AVAX) network, according to its developers, can perform more than 4,500 transactions per second (TPS) and complete transactions in under two seconds.

This is a substantial improvement over the existing payment infrastructure and a huge step forward from some smart contract-enabled networks. One of the most affordable transaction fees in the smart contract ecosystem is offered by Avalanche (AVAX). Additionally, it is anticipated that the Avalanche (AVAX) network would draw a number of decentralized application (dApp) developers. This is because the Ethereum Virtual Machine is compatible with the Avalanche (AVAX) blockchain (EVM). The Avalanche (AVAX) network has been widely adopted due to this novel feature.

Runfy (RNF) The Brand New Crypto

Runfy (RNF) is a brand-new cryptocurrency that aims to dominate the market with its distinctive design. Obesity is a significant issue that affects people all around the world, and Runfy (RNF) intends to assist users combat it. Runfy (RNF) seeks to accomplish this by offering token incentives to encourage weight loss. The Runfy App allows users to track their fitness objectives and keeps tabs on both their dietary and physical development.

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Users can also participate in the regular fitness challenges offered daily, weekly, or monthly to receive additional incentives. Users can access RunfTR, a platform where they can offer weight reduction consultations and get compensated with Runfy (RNF) tokens in the form of fees, inside the Runfy metaverse. The RunfShop, another feature of the Runfy metaverse, allows users to buy and sell products and equipment for exercising.

While getting support from other investors on the platform, users will be able to publish about their fitness objectives and actions. All users can now make their own avatars and engage in virtual interactions with one another thanks to the Metaverse. Additionally, every time a user advances, Runfy tokens are awarded to them. These can be converted for cash or applied to other purchases on the Runfy platform, such protein powder and athletic apparel.

To join the platform, you can click on the links below:

Runfy (RUNF)

Presale: https://presale.runfytoken.io/

Website: http://runfytoken.io/

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Telegram: https://t.me/RunfyTokenOfficial

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