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US sues cryptocurrency exchange of billionaire bitcoin brothers Winklevoss

In an official announcement, the Commodity Futures Trading Commission (CTFC) said it had filed a lawsuit in federal court in New York, alleging Gemini failed to disclose information about the risk of a contract project. Bitcoin futures, which it launched in 2017, can be manipulated. Bitcoin futures is an agreement between a buyer and a seller to exchange bitcoins at a certain time in the future. Before that, the two sides will have an agreement on the price and the amount of exchange. According to blog posts by Gemini and a partner company, the futures contract launched in late 2017 and ceased trading two years later.

Acting CFTC Director Gretchen Lowe said Gemini’s making false or misleading statements to the commission affects the CFTC’s ability to carry out its mandate to protect market participants and prevent manipulation. price manipulation and promote fair competition. The agency recommended financial penalties and an injunction against similar actions by Gemini in the future.

For its part, Gemini maintains that the exchange has never committed any wrongdoing during its eight years of operation and hopes all allegations will be cleared up in court.

Twins Cameron and Tyler Winklevoss, classmates at Harvard University with billionaire Mark Zuckerberg, have accused Zuckerberg of stealing the idea of ​​​​the social network Facebook from them. The brothers have founded and run the Gemini trust company since 2014.

On the same day, the Winklevoss brothers announced a 10% reduction in Gemini staff due to concerns that the “crypto winter” will last for a while. “Crypto Winter” is the term for the gloomy period of the cryptocurrency market, when the prices of coins continuously fall and are difficult to recover for a long time – stemming from the macroeconomic situation and geopolitical instability. treat.

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