Winklevoss Twins Settle with New York for $1.1 Billion Over Crypto Exchange Gemini's Ties to Failed Lender
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The Winklevoss twins agreed to a $1.1 billion settlement with New York regulators over their crypto exchange Gemini's dealings with failed crypto lender Genesis.
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Gemini had offered customers high-risk crypto lending returns through Genesis without proper due diligence. Over 200,000 customers lost access to their funds when Genesis went under.
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The twins got rich from their early Bitcoin investments funded by their Facebook settlement money. Their net worths are around $1.4 billion each.
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They became crypto evangelists, lobbying politicians and pushing Wall Street to adopt cryptocurrencies.
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They marketed their Gemini exchange as a trustworthy and regulated way to trade crypto, but regulators found they failed to protect customer funds properly.