Click here to sign in with or
Forget Password?
Learn more
share this!
2
9
Share
Email
June 2, 2022
US regulators on Thursday said they are suing the Gemini Trust cryptocurrency exchange, which is run by Cameron and Tyler Winklevoss, for giving misleading answers in 2017 about a bitcoin project.
The Commodity Futures Trading Commission lawsuit filed in federal court in New York accuses Gemini of not being upfront about how easy it would be to manipulate a bitcoin futures project proposed at the time, the agency said in a statement.
The futures contract launched at the end of 2017 and stopped trading two years later, according to blog posts from Gemini and a partner company
Making false or misleading statements to the commission undermines its work to protect market participants, prevent price manipulation, and promote fair competition, acting director of enforcement Gretchen Lowe said in the statement.
“This enforcement action sends a strong message that the Commission will act to safeguard the integrity of the market oversight process,” Lowe said.
The US agency is seeking financial penalties, the surrender of any ill-gotten gains, and an injunction forbidding Gemini from such behavior in the future, it said.
Gemini defended its record when asked about the suit.
“We have an eight year track-record of asking for permission, not forgiveness, and always doing the right thing,” it told AFP, adding: “We look forward to definitively proving this in court.”
Cameron and Tyler Winklevoss, twin Harvard classmates of Mark Zuckerberg, who sued him over claims he stole the idea for Facebook from them, started and run New York-based Gemini.
The brothers told Gemini employees on Thursday that about 10 percent of them were being laid off as staff is trimmed to endure a “crypto winter” likely to persist for a while, according to a copy of the email posted online by the company.
“The crypto revolution is well underway and its impact will continue to be profound, but its trajectory has been anything but gradual or predictable,” the brothers said.
The industry is in a “contraction phase that is settling into a period of stasis—what our industry refers to as ‘crypto winter'” compounded by macroeconomic and geopolitical turmoil, they added.
Explore further
Explore further
© 2022 AFP
Feedback to editors
15 hours ago
0
Jun 01, 2022
1
May 31, 2022
0
May 31, 2022
2
May 30, 2022
0
8 hours ago
8 hours ago
8 hours ago
11 hours ago
11 hours ago
13 hours ago
13 hours ago
Sep 10, 2018
Mar 13, 2018
Oct 19, 2021
Dec 11, 2017
Jun 19, 2019
Dec 18, 2017
Jun 01, 2022
May 27, 2022
May 23, 2022
May 17, 2022
May 04, 2022
May 03, 2022
Use this form if you have come across a typo, inaccuracy or would like to send an edit request for the content on this page. For general inquiries, please use our contact form. For general feedback, use the public comments section below (please adhere to guidelines).
Please select the most appropriate category to facilitate processing of your request
Thank you for taking time to provide your feedback to the editors.
Your feedback is important to us. However, we do not guarantee individual replies due to the high volume of messages.
Your email address is used only to let the recipient know who sent the email. Neither your address nor the recipient’s address will be used for any other purpose. The information you enter will appear in your e-mail message and is not retained by Tech Xplore in any form.
Daily science news on research developments and the latest scientific innovations
Medical research advances and health news
The most comprehensive sci-tech news coverage on the web
This site uses cookies to assist with navigation, analyse your use of our services, collect data for ads personalisation and provide content from third parties. By using our site, you acknowledge that you have read and understand our Privacy Policy and Terms of Use.
