Biography & Early Wealth Journey

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The lawsuit is centered on Gemini Earn, a program that was supposed to allow Gemini investors to earn interest on their crypto holdings. After Genesis became insolvent in the way of the FTX collapse, Gemini had to stop withdrawals on Gemini Earn accounts, something that the suit says was not supposed to be able to happen. It says that the Earn program was promoted "with repeated false and misleading statements, including that the [accounts] were a secure method of collecting interest," something turned out not to be the case.

The suit also invites other Gemini investors to join in on the class action, so it could spell real trouble for the Winklevoss twins. They haven't yet responded to the suit as of this writing, but a recent post on the Gemini website addressed the withdrawal suspension like this:

Primary Income Streams & Multi-Million Contracts

"We continued to work through the Christmas holiday towards a resolution…We expect a more fulsome update by the end of this week."

However, that update was later removed from the site, possibly as a result of the lawsuit.