Gemini exchange experienced yet another outage

December 20, 2022 at 8:00 pm by Ifeanyi Egede

Troubled crypto exchange Gemini was down for more than three hours. The company linked the outage to an application recovery issue.

According to the official Twitter account, Gemini went offline at approximately 10:00 Eastern Time on Dec. 20. At that time, the company was trying to fix “application recovery issues.”

We are entering maintenance mode while we investigate an application recovery issue. Our team is working diligently to address this issue and we expect all systems to be back online shortly.
— Gemini (@Gemini) December 20, 2022

Two hours later, the company was still trying to restore full system functionality. Gemini, however, claimed that the clients’ funds were safe.

We are working on a solution to the application recovery issue we identified and expect all systems to be back online shortly. All Gemini customer accounts and funds remain completely secure.
— Gemini (@Gemini) December 20, 2022

Per the announcement on the website, the incident was resolved at 14:00.

The incident was the second downtime for the exchange in the last seven days. Last time its server went down for 3.5 hours on Dec. 15.

The downtimes are not the most serious issue for the troubled exchange. Earlier this month, the news emerged that major crypto lender Genesis Trading and its parent company Digital Currency Group (DCG) owe Gemini users $900 million.