![]() ![]() “Investigations into other securities law violations and into other entities and persons relating to the alleged misconduct are ongoing,” the SEC added.ġ/ It’s disappointing that the chose to file an action today as and other creditors are working hard together to recover funds. The brothers have pinned the blame on Silbert and accused him of engaging in “bad faith stall tactics.” Silbert has denied wrongdoing. The unresolved freeze on customer accounts has sparked a war of words between the Winklevoss twins and Barry Silbert, whose Digital Currency Group owns Genesis. Genesis, the key lending partner for “Earn” accounts, blamed its decision to halt customer withdrawals in November on “market turmoil” caused by FTX’s sudden collapse into bankruptcy. Getty Images The SEC is seeking to recover any “ill-gotten gains” in connection to Gemini’s program. The Winklevoss twins are best known for their legal fight with Mark Zuckerberg. ![]() “Today’s charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,” Gensler added. “We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,” SEC Chair Gary Gensler said in a statement. The accounts have been frozen since November, with customers unable to access their funds. Regulators are seeking to recover any “ill-gotten gains” generated by the interest-bearing account program, which billed itself as a way for customers to earn 8% annual interest on their digital currency holdings. The SEC charged the Winklevoss twins’ Gemini crypto exchange and its lending partner Genesis this week with selling unregistered securities in the form of a “Gemini Earn” program that sparked a $900 million crisis. Winklevoss twins owed $900M by crypto broker as FTX contagion spreads Winklevoss twins sued by Gemini investors over $900M crypto crisis Winklevoss twins accuse key crypto partner of ‘bad faith’ in $900M crisis Winklevoss twins slashing 10% of crypto firm Gemini’s workforce: report ![]()
0 Comments
Leave a Reply. |