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Winklevoss Twins Sued Over Frozen Interest Accounts On Gemini

Crypto investors who have placed their money with the Winklevoss twins and their platform, Gemini, are being invited to sue the brothers as part of a class-action suit recently filed linking the duo and their businesses to FTX’s crash. 

Tyler and Cameron Winklevoss, the founders of cryptocurrency exchange Gemini cryptocurrency exchange, are reportedly facing a new suit by investors regarding Gemini Earn, the interest-earning scheme. 

On Dec. 20, Cameron Winklevoss announced via Twitter that Gemini had come up with a plan to recover lost assets. 

Disgruntled investors have filed a lawsuit against the Gemini cryptocurrency exchange, accusing the company of fraud and failing to register interest-bearing accounts as securities.

The lawsuit was filed in Manhattan Federal Court. 

Gemini Trust Earn products offered potential to generate as much as 8% in interest on their holdings Tyler and Cameron Winklevoss suddenly halted redemptions, however, after Genesis Global lost funds due to the FTX collapse.

According to the lawsuit, Gemini “refused to honor any further investor redemptions, effectively wiping out all investors who still had holdings in the program.”

This after the billionaire Bitcoiners cut 10% of their staff in June declaring “crypto winter” here, in what was the first-ever job cuts in the U.S.-based crypto exchange and custodian. Winklevoss is building out the exchange as they are seeking SEC approval for the bitcoin exchange-traded funds.

On the website for their platform, Gemini, the Winklevoss twins say that they are working around the clock—with the “utmost urgency”–to refund investors, and “will continue to work on your behalf around the clock through the holidays.”

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