Cardano founder Charles Hoskinson made no qualms in saying that the Gemini exchange’s inability to list ADA is related to “bankruptcy and risky behavior.” His comments came amidst the growing clamor to list the token on the platform.
But it hasn’t been an easy journey for the firm led by the popular Winklevoss brothers since the FTX saga went down.
The trading platform is trying to recover $900 million from crypto lender Genesis and its parent company Digital Currency Group, the Financial Times reported.
Gemini partnered with Genesis for its high-yield Earn service, which let users deposit their cryptocurrencies in exchange for interest, promising yields of between 0.45% and 8%.
Since the FTX outbreak began last month, there has been a significant disruption to the Gemini Earn service.
The exchange, founded in 2015 by twins Cameron and Tyler Winklevoss, announced pausing withdrawals from Gemini Earn on November 16 citing “unprecedented market turmoil.”
It still has not provided any clarity as to when they are expected to be reopened.
The move came after Genesis banned customer redemptions and new loan applications due to “abnormal withdrawal requests”, immediately after the collapse of FTX collapse.
However, Gemini has assured repeatedly that funds held with the firm are in safe custody.
“We do not do anything with your digital assets unless explicitly authorized and directed to do so by you. We are more confident than ever that asking for permission, not for forgiveness — is the right way to build trust with you and a lasting business,” it tweeted on November 29.
Cardano Not Listed On Spot FTX Spared It From The Carnage
The unprecedented blowout of the once-dominant crypto exchange FTX has not spared anything on the crypto market including major altcoins. Only a few such as Cardano’s ADA have managed to get away with just minor scrapes.
Hoskinson, the founder of IOHK, claims that the fact that ADA was not listed on the spot market on FTX in time was the reason the token probably avoided much of the carnage during the massacre on the crypto market.
Not too long ago, the Cardano founder and prominent cryptocurrency blogger Ben “BitBoy” Armstrong held discussions on the listing of ADA on FTX and how it would turn tragic given a sell-off of blocked funds on Voyager, the crypto broker that the exchange had purchased.