Tether issued a brief statement on Nov. 16 saying it was not affected by crypto lender Genesis Global or Gemini Earn following the announcement that Genesis Global and exchange Gemini are halting withdrawals, with Genesis Global as its lending partner. For Gemini Earn
Tether Identifythat “At a time like this It is important to emphasize that the reserve [Tether] These have proven tried and true. It has shown consistent resilience during the black swan events that have hit the market over the past year.”
Tether said the Nov. 16 announcement was “part of Tether’s ongoing efforts to increase transparency” after Tether lost a lawsuit filed by the New York Attorney General’s Office in 2019 andto disclose informationReserves In July, Tether hired BDO Italia to conduct monthly audits. and certify reserves for public dissemination. as part of the settlement of such lawsuits
Genesis Global announced via a tweet on Nov. 16 that it willsuspendedTemporary withdrawals and new credit due to Following the “market turmoil” caused by the collapse of FTX, following Genesis Global’s announcement, Gemini said it would not be able to satisfy client withdrawals for five days.
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