The brothers Tyler and Cameron Winklevoss, founders of the Gemini exchange, injected $100 million into the crypto exchange after the brutal fall in the cryptocurrency market.
Brothers Tyler and Cameron Winklevoss, founders of the Gemini exchange, injected $100 million into the cryptocurrency exchange from their own pocket to save it after the brutal crash in the cryptocurrency market.
According to a Bloomberg report on April 10, the Winklevoss twins made a $100 million personal loan to Gemini following attempts to secure funding from outside investors, Cointelegraph reported.
The reported loan came amid regulators scrutinizing Gemini’s activities. In January, the United States Securities and Exchange Commission (SEC) accused Gemini, as well as Genesis Global Capital and the cryptocurrency exchange, of offering unregistered securities through the exchange’s Earn program. The New York Department of Financial Services also reportedly began investigating the exchange after many Gemini users claimed their Earn account assets had received FDIC protection.
Following the announcement of the charges, Tyler Winklevoss accused the SEC of issuing a “fabricated parking ticket,” alleging that Gemini staff had been in talks with the regulator for more than a year prior to their enforcement action. The complaint echoed that of cryptocurrency Coinbase, whose chief legal officer said staff met with SEC representatives “more than 30 times over nine months” but still received a tip from Wells.
It’s worth remembering that venture funding for cryptocurrency startups has plummeted following the collapse of FTX and the slowdown in the tech and cryptocurrency industries. In this sense, the research firm PitchBook calculates that, during the first quarter of 2023, financing for these companies plummeted by 80% to 2.4 billion dollars.
Source: Ambito
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