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Winklevoss Twins Remove $280M in Assets Before Crypto Firm Collapsed

Gemini Earn Scandal

According to various reports, Cameron and Tyler Winklevoss popularly known as “The Winklevoss Twins” or ‘The Winklevii’ covertly withdrew more than $280 million from their cryptocurrency company’s bank account. This withdrawal occurred just months before the company’s downfall which left their clients unable to access their deposited funds.

The Winklevoss twins, mainly known for their long-standing dispute with former Harvard classmate Mark Zuckerberg regarding control of Facebook, are currently entangled in another contentious legal battle. This time, their adversary is billionaire Barry Silbert, whose company, Digital Currency Group, is now the owner of a bankrupt cryptocurrency bank. The twins serve as co-founders of Gemini, a once-thriving crypto exchange that has experienced setbacks, including staff layoffs and a decline in trading activity throughout the current year.

Last November 16, 2022, approximately $900 million in deposits belonging to Gemini customers were frozen. This situation unfolded after Genesis, a company associated with Sam Bankman-Fried, disclosed the collapse of the FTX empire, leading to the suspension of withdrawals.

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The Winklevoss Twins’ Contribution To The Crypto Space

The Winklevoss Twins stand out as prominent figures within the crypto industry, renowned for their active involvement in managing, launching, and investing in groundbreaking blockchain startups. Tyler and Cameron Winklevoss have provided backing to more than 25 startups in the digital asset space.

The determination of Tyler and Cameron to instill a sense of order into the burgeoning crypto industry led to the creation of Gemini. Initially, Gemini focused exclusively on facilitating the purchase and sale of Bitcoin during its early years of operation. However, as the cryptocurrency market matured and expanded, the exchange gradually incorporated an expanding array of altcoins. Today, Gemini offers support for 45 different digital assets and handles an average daily trade volume of $200 million.

Gemini’s distinctive characteristic lies in its unwavering commitment to establishing a secure, reputable, and regulated trading platform. The exchange has earned its place as one of the most trusted brands in the cryptocurrency industry, primarily due to its emphasis on user safety.

In 2015, it achieved the distinction of becoming the first cryptocurrency exchange to attain the status of a licensed trust company in New York. Gemini’s strong rapport with U.S. regulators has also driven the exchange to propose Bitcoin ETF products for approval by the Securities and Exchange Commission (SEC).

The Winklevoss Twins SEC Saga

Earlier this year, the U.S. Securities and Exchange Commission (SEC) filed securities violation charges against the cryptocurrency exchange Gemini, co-founded by the Winklevoss twins. These charges are related to the operation of the Gemini Earn program, which had promised returns to customers who deposited their cryptocurrency holdings. Additionally, the SEC also brought charges against Genesis, the lending partner of Gemini in this program, and a subsidiary of Digital Currency Group (DCG).

The legal actions come amid several weeks of growing public disputes between Gemini and the leadership of DCG. These disputes were exacerbated by the collapse of the crypto exchange FTX in November 2022, which had far-reaching consequences for the industry, including the locking or loss of funds stored on the FTX platform. Notably, Genesis is said to be accountable for over $900 million worth of customer funds from Gemini.

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