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.
In Friday’s filing, Gemini blamed Silbert and Digital Currency Group for the mess, claiming that they had lied about “Genesis’s purportedly robust risk-management practices.” After the demise of the crypto hedge fund Three Arrows Capital last summer, Genesis lost more than $1 billion, the complaint alleges. Nonetheless, the firm and Silbert allegedly “represented that DCG had absorbed the losses” and that it was “business as usual.
In a statement, Digital Currency Group said of the lawsuit, “This is yet another publicity stunt from Cameron Winklevoss to deflect blame and responsibility from himself and Gemini, which operated the Gemini Earn program. Any suggestion of wrongdoing by DCG or any of its employees is baseless, defamatory, and completely false.
The fine print informed customers that their assets were not secured in the case of a default, nor were borrowers “required to post collateral.” Gemini also acknowledged that it couldn’t promise long-term rates of return. Despite those risks, customers were required to indemnify Gemini for potential losses, unless they could prove gross negligence or willful misconduct.users that its borrowing partners—namely, Genesis—had been “vetted through a risk management framework.
The company “definitely sold it as like, ‘It’s hassle-free. It’s easy. Get your crypto back right away, no delays,’” another former employee, Nick Fuhrmann, told The Daily Beast last year. Those safeguards obviously did not protect Gemini users from Genesis’ troubles—though Friday’s lawsuit claimed that Genesis had misrepresented elements of its finances.
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