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Cryptocurrency exchange Gemini and its founders, the Winklevoss twins, are facing a class action lawsuit for failing to register their interest-bearing accounts as securities, thereby violating U.S. trade law, according to a crypto influencer tweet. there is Odell.
The investor filed suit on December 27 in the United States District Court for the Southern District of New York.
Gemini has marketed GIA with repeated false and misleading statements, including that GIA is a safe way to attract attention.
Investors also claimed that the exchange withheld information about risks associated with Gemini Earn and its partners associated with the program.
Gemini promised a return on investment of up to 8%, but was unable to deliver this due to Genesis Global liquidity issues resulting from the FTX collapse. On December 5th, the exchange formed a committee to address liquidity issues affecting Gemini Earn users.
Gemini in response Said Forbes said the exchange is “dedicated to providing customers with a secure and compliant platform” and will “aggressively defend against these unsubstantiated claims.”
