Gemini Trust is a company that works with digital money, called cryptocurrency. It was started by two brothers, Cameron and Tyler Winklevoss. Gemini Trust is under the law of New York. The company is returning more than $1.1 billion to its customers. This money comes from a program they had that is now closed. This happened because they made an agreement with the New York regulator.
Gemini needs to pay a big fine. This is because of mistakes that put the company at risk. Gemini Trust is managed by the Winklevoss twins. They are famous because they once fought with Mark Zuckerberg about Facebook’s idea. They got $65 million in a settlement.
Gemini Trust also shares on its blog that its customers will get all their digital money back. They will also get any extra value that the money gained. They offered a program where customers would give their digital money to another company, Genesis Global Capital. Genesis gave interest payments as high as 8%.
Unfortunately, a very big digital money market collapsed because FTX, another similar company, failed. The person who started FTX was found guilty of fraud. Right now, Gemini Trust still has more issues to solve.
Vocabulary List:
- Cryptocurrency (noun): Digital currency that uses cryptography for security.
- Regulator (noun): An official or organization responsible for regulating and overseeing a particular industry.
- Settlement (noun): An agreement reached between parties to resolve a dispute.
- Interest Payments (noun): Money paid regularly at a particular rate for the use of borrowed money.
- Collapsed (verb): To fail suddenly and completely.
- Fraud (noun): Deception or dishonesty for personal gain.
