Crypto exchange Gemini Trust Co. and its founders, twins Tyler and Cameron Winklevoss, are being sued by investors for fraud.
In a filing Tuesday in federal court in Manhattan, investors Brendan Picha and Max J. Hastings alleged the company sold interest-bearing accounts without registering them as securities.In a filing Tuesday in federal court in Manhattan, investors Brendan Picha and Max J. Hastings alleged the company sold interest-bearing accounts without registering them as securities.
According to the suit, “Gemini marketed GIAs with repeated false and misleading statements, including that GIAs were a secure method of collecting interest.” The company halted the program Nov. 16 after crypto platform FTX filed for bankruptcy, “and refused to honor any further investor redemptions, effectively wiping out all investors who still had holdings in the program, including Plaintiffs.”
FTX’s meltdown caused a liquidity crisis for Gemini, as well as Genesis Trading, which served as Gemini’s borrower in the program.The suit claims that if the products has been registered as securities, investors would have been better apprised of their risks.
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