The founders of cryptocurrency exchange, Gemini, Tyler and Cameron Winklevoss, are reportedly facing a new lawsuit from investors over the interest-earning program Gemini Earn.
The lawsuit, filed on December 27th in Manhattan federal court, alleges that the Winklevoss brothers refused to honour any further investor redemptions after halting them due to exposure to troubled trading firm Genesis Global Capital.
The plaintiffs claim that the products have not been registered, preventing them from making a proper risk assessment for using Gemini Earn.
Gemini Earn was launched last year and was designed to generate as much as 8% in interest on crypto holdings. However, the platform faced major issues in mid-November, shortly after reports emerged of liquidity issues at FTX.
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