The Winklevoss twins, founders of cryptocurrency exchange Gemini, reportedly withdrew over $280 million from their company’s bank, Genesis Global Holdco, in secret.
This occurred months before the lender froze deposits and filed for bankruptcy, raising questions about the twins’ knowledge of Genesis’s financial issues and their actions leading up to the collapse.
Gemini’s $282 million Fund Withdrawal
According to a report, Gemini withdrew approximately $282 million in cryptocurrency from Genesis Global Holdco just months before the latter froze customer deposits and eventually filed for bankruptcy.
Genesis and Gemini had jointly offered their customers the opportunity to earn yields on their crypto tokens through the Gemini Earn program. This program allowed users of Gemini, owned by the Winklevoss twins, to lend their crypto assets through Genesis.
Gemini withdrew the funds from Genesis in August 2022 to create a reserve for facilitating quick redemptions for Gemini Earn custo

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