Crypto Exchange Founders Face Mounting Losses and Legal Woes as Trading Volumes Plummet

Trading volumes on crypto exchanges like Binance and Gemini are way down this year, with volumes falling over 90% from their peak in 2021. This has led to huge personal losses for exchange founders.

Binance founder Changpeng Zhao has lost $12 billion this year as Binance trading volumes declined over 30%.

The Winklevoss twins are suing their former partner Genesis to try to recoup $1.6 billion in losses. This comes after Genesis filed for bankruptcy in January.

Gemini is also facing legal action from the New York Attorney General for allegedly defrauding New Yorkers.

Crypto exchange founders face a mountain of legal and regulatory challenges, like Binance's lawsuit from the FTC and the crash of FTX destroying credibility in the crypto market.