Mignolet
Institutions are leaving the Gemini Exchange.
The Gemini staking service is shutting down, and customers using the Gemini Exchange are leaving. It is the largest withdrawal movement ever. In particular, Gemini Exchange is a representative exchange frequently used by many institutions. As I mentioned yesterday about Genesis Trading, most of them are institutional investors, and the liquidity of institutions has been completely tied up or blocked due to this crisis. Psychologically, it can only be completely atrophied. The companies involved in the FTX crisis are collapsing and being affected like dominoes. As much as the situation has happened, it is better to quickly cut out and treat the painful part. Only then can you be purified and go right again. Since many institutions accessed the coin market using the Genesis platform, In terms of liquidity, I think it's a more serious part than the FTX incident.