Even the Winklevoss twins aren’t immune to the crypto crisis

Add the Winklevoss twins to the growing list of crypto evangelists feeling the heat following the multi-billion dollar collapse of the FTX cryptocurrency exchange.

Cameron Winklevoss said Monday that Gemini, the crypto exchange he co-founded with his brother Tyler in 2014, has hired lawyers and formed a creditors committee to recover funds. after a report That crypto broker Genesis had frozen $900 million of its customers’ money last month after withdrawals were halted due to liquidity issues.

Cameron Winklevoss wrote in, “Your refund is our top priority and we are working with the utmost urgency.” a post on twitter,

Genesis announced on November 16 that it was halting withdrawals from a major platform as a result of “unprecedented market turmoil” in the wake of the explosion of Sam Bankman-Fried’s FTX crypto empire, which filed for bankruptcy on November 11. .

Genesis was a key participant in Gemini’s “Earn” program, in which its retail investors received payments for allowing them to lend their crypto assets to others. According to a person familiar with the matter, some $900 million in Gemini customer deposits were left hanging.

Genesis and its parent company, Digital Currency Group, have said they are seeking outside investment to bolster their books and help pay back their customers.

A spokesperson for Genesis did not have a comment and a message sent to a representative for Gemini was not immediately returned.

The Winklevoss brothers were early champions of cryptocurrency, using the money they won in a legal settlement with Facebook Meta,
And its founder Mark Zuckerberg discussed his role in building the social media giant to launch Gemini.

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