Winklevoss Twins and Gemini Sued for Fraud Over Interest Accounts: Report

Dec 29, 2022

By Mandy Williams

This is yet another blow to the Winklevii-spearheaded crypto exchange.

A group of investors has filed a class-action complaint against Gemini Trust Co. and its founders, Tyler and Cameron Winklevoss, alleging that the U.S. cryptocurrency exchange sold unregistered securities in the form of interest-bearing accounts.

The lawsuit comes about a month after Gemini halted withdrawals due to liquidity issues facing one of its business partners.

Gemini Faces Class Action for Fraud

The plaintiffs, Brendan Picha and Max J. Hastings, filed the action in a Manhattan federal court, accusing the company and its founders of fraud and violations of the Exchange Act.

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