Cameron and Tyler Winklevoss secretly withdrew more than $280 million held by their crypto company’s bank — mere months before the firm’s collapse left the twins’ customers unable to ac…
were frozen last Nov. 16, after Genesis was exposed to the meltdown of disgraced Sam Bankman-Fried’s FTX empire and forced to suspend withdrawals.
The five-day window included a $282 million withdrawal, which was partially offset by customer deposit inflows and fluctuations in cryptocurrency prices, sources said. “They decided they were comfortable for the Earn customers but not comfortable for themselves,” the source added.DCG declined to comment.
The brothers added that they tried to pull out of the “Earn” partnership in mid-October of 2022, only for Silbert to convince them not to do so during a face-to-face meeting. Since the debate over whether cryptocurrency products are securities is still being decided in various court cases, the legality of the Winklevoss twins’ withdrawal is open to interpretation, according to John Coffee, an expert on securities law and professor at Columbia Law School.
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