crank return – Cameron and Tyler Winklevoss are somewhat the symbols of an industry of cryptocurrency two-faced. sure of herself and brilliant when Bitcoin prices are at their highest. bitter and in bad faith when the crypto winter is back. After scouring television sets to explain how right they were and why crypto was risk freethey are now looking for responsible to all their misfortunes. Like modern-day Janus, they represent both the past recent so glorious and the future close rather uncertain. A quick look back at a two-faced year 2022 for the twins Winklevii.
Cameron and Tyler Winklevoss: the great speeches of the bull run…
That things change quickly in finance and more particularly in the crypto ! Days happy give way to doubt and depressed in just a few months. One more year ago, Cameron and Tyler Winklevoss proudly displayed their success on social media and performed on stage with their rock cover band March Junction.
In front of American viewers, they explained with insurance that cryptocurrency was the future! That, like them, it was necessary to take risks to succeed. They also called for a regulation strict framework that would frame this nascent sector to make it the giant of tomorrow. They were also seen gently teasing mark zuckerberg in the face of these setbacks with American justice. In short, everything that twins Winklevoss were touching was gettinggold. And, their platform Gemini thrived in the shadow of a Bitcoin which was then reaching the heights.
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…are damaged by the bankruptcies of Three Arrows Capital and then FTX…
But spring and fall 2022 will put a stop to this great success. Indeed, the fall of the ecosystem Terra (LUNA) will trigger a cascade of events. And the troubles will gradually get closer to the Winklevii. Because behind the speeches reassuring and verbal guarantees, the platform Gemini did exactly like its competitors with his clients’ money. She placed him with actors who promised high returns and especially Genesis Global Capitaldirected by Barry Silbert.
In the program earncustomers of Gemini unknowingly lent their funds to a third-party entity to generate a return. Unfortunately, Genesis was exposed to Three Arrows Capital and to FTX, whose fall destroyed this financial arrangement. Accused by the Securities and Exchange Commission (SEC) sale of unregistered securities, Gemini now has to deal with the Regulator and at the anger of its own users.
…and give way to bitterness and bear market resentment
As one might expect, Cameron and Tyler will take advantage of their notoriety to assert their good faith. But this company is going to take a particular turn when they start to accuse everyone to and fro. First of all Barry Silbert who is accused of mismanagement, blindness, greed, accounting fraud and irresponsibility vis-à-vis its hundreds of thousands of customers. Then will come the turn of the DRY. The twins blame him for letting FTX prosper and taking legal action against them for political purposes.
It is to forget rather quickly that the regulator had not given its approval to the launch of the product earn. Twins also tend to lose sight of what they have keep on going to let their customers to commit in the Earn program as Barry Silbert’s losses with Three Arrows Capital were already made public. In a word, the gestures of the family Winklevoss annoy their detractors who clearly see in it a smoke screen to hide their own responsibilities.
For years, the twins have positioned themselves as both victims and like visionaries. Victim of mark zuckerberg who would have taken their idea of a social network. Visionary since this summer 2012where with the money from the lawsuit won against the future CEO of Facebookthey will invest in Bitcoin. But this legend that accompanies the Winklevii everywhere they go is starting to seriously crack. And the confirmed bankruptcy of Genesis Global Capital is not going to fix their business.
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