Did the Winklevoss twins know about Genesis's financial issues before its collapse, given their significant withdrawals?
Genesis and Gemini had jointly offered their customers the opportunity to earn yields on their crypto tokens through the Gemini Earn program. This program allowed users of Gemini, owned by the Winklevoss twins, to lend their crypto assets through Genesis.
Following FTX’s collapse, Genesis temporarily halted customer withdrawals and eventually filed for Chapter 11 bankruptcy protection in New York in January. In response, Gemini filed a legal claim, seeking $1.1 billion on behalf of Earn program users within the bankruptcy proceedings.However, the following months were marked by several legal battles and negotiations.
One of its founders met with Silbert to discuss concerns about insolvency. DCG denied these claims, referring to the lawsuit as a “publicity stunt” and denying wrongdoing.
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