Winklevoss Twins Support Gemini With $100M Loan: Report
By
Lucky Ebosele
The Winklevoss twins provide a $100M loan to support Gemini amid market challenges. Learn more about the impact on the crypto exchange...

Tyler and Cameron Winklevoss have recently provided their cryptocurrency exchange Gemini with a $100 million loan to support the business amid the crypto market downturn. According to a report by Bloomberg, the twin brothers, who co-founded Gemini, made the loan following a failed attempt to secure funding from outside investors.
Gemini’s Financial Woes
FTX’s implosion in November led to the bankruptcy of crypto lender Genesis Global Holdco, leaving Gemini severely impacted in the process. Gemini used Genesis as its primary lending partner for the Earn program, but when the lender froze withdrawals in November, it forced Gemini to suspend redemptions on Earn accounts.
The decision left $900 million of 340,000 Gemini Earn customers’ money in limbo and led to a public war of words between Cameron Winklevoss and DCG founder Barry Silbert. DCG is the parent company of Genesis.
However, both parties reached an agreement in February to allow Earn users to recover their assets. As part of the plan, Gemini said it would contribute up to $100 million or more for Earn clients while the deal with DCG includes the sale of Genesis. It is unclear whether the latest $100 million loan relates to the one promised to Earn Users.
Regulatory Crackdown
The high-profile dispute between Gemini and Genesis over the lending product also attracted the attention of regulators in the United States. On January 12, the United States Securities and Exchange Commission (SEC) sued both firms for unregistered offers and sale of securities to retail investors through the Earn program.
Gemini is also facing a lawsuit from the Commodity Futures Trading Commission (CFTC) over false statements relating to the self-certification of a bitcoin futures product.
Earlier this year, Gemini conducted a third round of layoffs in eight months, downsizing its workforce by 10%. During the same period, the exchange’s Chief Operating Officer, Noah Perlman, resigned and joined rival Binance as a chief compliance officer in February.

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