Another crypto firm is facing serious allegations of fraud

Spread the love

Genesis founded by the Winklevoss twins way back in 2014 is facing allegations of misappropriating customer funds in their own version of a fraud scheme. According to a class action lawsuit, the twins are being sued by investors after they allegedly shut investors out following a span of mass liquidation that went on for a while. They maintain that such occurred due to market uncertainty following the shocking collapse of and the fall of Sam Bankman-Fried.

Gemini totally “refused to honor any further investor redemptions, effectively wiping out all investors who still had holdings in the program,” according to the lawsuit filed on Tuesday.

A number of customers have already filed arbitration claims, according to Bloomberg. Bloomberg also notes that the twins are accused of violating the Exchange Act.



Be the first to comment

Leave a Reply

Your email address will not be published.