The Winklevoss twins and their embattled cryptocurrency site Gemini were slapped with a potential class action lawsuit this week from a pair of disgruntled investors who accused them of fraud and other violations.
The complaint filed by investors Brendan Picha and Max J. Hastings alleges that Cameron and Tyler Winklevoss sold interest-bearing accounts on Gemini without registering them as securities and fully alerting customers of the potential risks.
Gemini is scrambling to recover $900 million in customer funds held by its lending partner on the interest-bearing accounts, Genesis, which faced a liquidity crisis due to what it described as “unprecedented market turmoil” related to FTX’s collapse.
Source: Winklevoss twins sued by Gemini investors over crypto crisis
