Tyler and Cameron Winklevoss lent the Gemini cryptocurrency exchange $100 million, Bloomberg reports, citing its own sources.<\/p>\n
Sources told Bloomberg that the move followed unsuccessful attempts by the company in recent months to raise external financing.<\/p>\n
In November 2022, Gemini paused withdrawals under the Earn revenue program. The problems were tied to an outstanding debt in the amount of $900 million<\/a> with its main partner \u2014 the crypto lender Genesis Global Capital from the Digital Currency Group (DCG).<\/p>\n In January 2023, Cameron Winklevoss brought the dispute into the public sphere. He published an open letter<\/a> to Barry Silbert, founder and head of DCG, demanding an immediate agreement to repay $900 million.<\/p>\n After the deadline, Winklevoss called for the founder of the holding group to resign<\/a>. Genesis filed for bankruptcy in the same month.<\/p>\n In early February, the parties reached a principled agreement on a plan to return assets to Gemini users. As part of the plan, the crypto lender agreed to earmark $100 million for the exchange.<\/p>\n 3\/ In addition, Gemini will be contributing up to $100 million more for Earn users as part of the plan, further demonstrating Gemini’s continued commitment to helping Earn users achieve a full recovery.<\/p>\n \u2014 Cameron Winklevoss (@cameron) February 6, 2023<\/a><\/p><\/blockquote>\n \n