FTX collapse hits Winklevoss twins with $900 million of customer funds frozen

Adding the Winklevoss twins to the growing list of crypto evangelists feeling anxious following the multi-billion dollar collapse of crypto exchange FTX.

Cameron Winklevoss said on Monday that Gemini, the cryptocurrency exchange he co-founded with his brother Tyler in 2014, has hired an attorney and set up a creditor committee to recover capital. after a report that $900 million in customer funds was frozen after crypto broker Genesis halted withdrawals last month due to liquidity issues.

Cameron Winklevoss writes in a post on Twitter.

Genesis announced on November 16 that it is freezing withdrawals from a key platform due to “unprecedented market turmoil” following the collapse of Sam Bankman-Fried’s FTX crypto empire. , filed for bankruptcy on Nov.

Genesis is a principal partner of Gemini’s “earn” program, in which its retail investors received payments to allow others to borrow their crypto assets. According to a person familiar with the matter, around $900 million in Gemini customer deposits have been suspended.

Genesis and its parent company, Digital Currency Group, say they are looking for outside investment to help strengthen their books and return money to customers.

A Genesis spokesperson had no comment, and a message sent to a Gemini representative was not immediately responded to.

The Winklevoss Brothers Are The First Crypto Champions, Using The Money They Won In A Legal Deal With Facebook

and founder Mark Zuckerberg on their role in creating the social media giant, to launch Gemini.


News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button