This is crazy. Gemini does a lot of work to be "legit". If they are willing to cover the money if their backing provider fails, why not just pay it promptly and collect from the backend later?<p>Freezing withdrawals means they are screaming "we are insolvent" even if they aren't.
Let's be clear: this says they're _pausing_ withdrawals. Could be forever or it could be like FDR's Bank Holiday to allow a calm amount of transactions to occur over time.<p>Welp, once again I am proud of myself for being a gambler with the winds of luck at my back, and this is another example: I took out all my GUSD -> USD including a couple thousand $ profit from the Earn program a few weeks ago. Not because I was ahead of the game but because I used that $ for my house remodel. Thanks Gemini!
I thought about throwing some money in there when Gemini was paying around 8% interest. I was a bit skeptical that it was sustainable even though people said the Winklevoss's and Gemeni were about as legit as it gets in that space. Glad I didn't, I feel bad for people who won't be able to get their money out in a reasonable way