Winklevoss Twins File Suit Over Their Crypto Lending Disaster
The crypto platform Gemini, founded by identical twin billionaires Cameron and Tyler Winklevoss, sued a fellow crypto tycoon and his company on Friday, claiming that Gemini’s customers were defrauded out of hundreds of millions of dollars.
The suit, filed in New York Supreme Court against Digital Currency Group and its founding CEO Barry Silbert, claims the defendants orchestrated a scheme of “deception”to persuade Gemini customers and other depositors to lend “huge amounts of cryptocurrency and U.S. Dollars.”
According to the complaint, hundreds of thousands of Gemini’s users had loaned money to Genesis—a Digital Currency Group subsidiary—through a program called Gemini Earn. The program told customers they would earn interest as high as 7.4 percent on the loans and that they could pull their money at any time.