Gemini exchange experienced yet another outage

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Blockchain
Gemini exchange experienced yet another outage

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.”

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

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.

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.