Winklevoss twins infuse Gemini with $100M personal loan: Report

Tyler and Cameron Winklevoss, co-founders of US-based cryptocurrency exchange Gemini, have reportedly dipped into their own pockets to fund the business amid the crypto market downturn.

Bloomberg reported on April 10 that the Winklevoss twins make After trying to get funding from outside investors, he gave Gemini a $100 million personal loan. Cointelegraph reached out to Gemini for comment, but did not receive a response at the time of publication.

EXCLUSIVE: Gemini founders Tyler and Cameron Winklevoss lent $100 million to crypto platform https://t.co/owaGrepngE

— Bloomberg (@business) April 10, 2023

The reported loan comes amid regulatory scrutiny of Gemini’s activities. In January, the U.S. Securities and Exchange Commission (SEC) indicted Gemini, Genesis Global Capital, and a cryptocurrency exchange for offering unregistered securities through the exchange’s Earn program. Also, New York’s Department of Financial Services has reportedly launched an investigation into the exchange following reports that a number of Gemini users claimed assets in his Earn accounts were under his FDIC protection. .

Related: Gemini and Genesis legal troubles rock industry further

Following the announcement of the charges, Tyler Winklevoss accused the SEC of issuing “falsified parking tickets” and claimed that Gemini staff had been talking to regulators for more than a year before the enforcement action. The complaint is the same as that of cryptocurrency exchange Coinbase, whose chief legal officer said that representatives met with SEC representatives “more than 30 times in nine months” and still received Wells notices. Stated.

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