Welcome back to Crypto Capitalist.
Today, I’m here to talk about the recent $900 million dollar deficit that was reported on Gemini, the crypto exchange owned by the Winklevoss brothers.
It was reported that Gemini had a $900 million deficit in its account at the end of August. This means that there were $900 million more in liabilities than assets in their account. This is a red flag for the crypto exchange and could lead to some serious financial issues.
If you’re a Gemini user, it’s important to get your coins off the exchange as soon as possible. You don’t want to be stuck with a huge deficit if the exchange goes under.
It’s unclear what caused the deficit, but it’s worrying that Gemini didn’t have enough funds to cover its liabilities. This could signal a lack of financial management and oversight at the exchange.
It’s important to stay vigilant when trading on crypto exchanges. Be sure to always keep an eye on your funds and make sure they’re safe.
Thanks for watching!
