The founders of cryptocurrency exchanges face a mountain of regulatory challenges and billions in personal losses. Binance CEO Changpeng Zhao personally lost $12 billion this year as trading volumes on Binance declined, according to a Bloomberg report Friday. Meanwhile, the Winklevoss twins’ Gemini sued their former partner, Genesis. Running a cryptocurrency exchange in 2023 continues to be an absolute mess.
The legal action comes one week after Attorney General Letitia James sued both Gemini and Genesis for defrauding New Yorkers. Genesis is currently working to pay off creditors from its bankruptcy filing in January. “For the past 12 months, Genesis has been trying funnel this value away from Earn users to other creditors,” said Gemini in a press release on X. “With this value, every Earn User can be made whole.
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Source: Utoday_en - 🏆 295. / 63 Read more »