Winklevoss Twins Bash at SXSW Conference – Bets higher on Bitcoin Citing Trust is the Gap

Gemini, a New-York based cryptocurrency exchange is quite famous to promote the regulations for crypto across the street of Newyork as a means of promoting the crypto adoption and Gemini’s exchange. The twin founder of the Gemini exchange recently marked their presence at SXSW conference and discussed why they think Bitcoin will replace Gold and how will they build trust and longevity among the masses.
Interest is at tipping out
Despite the market running on the way out, Gemini’s Twin brothers are betting high on the future of Bitcoin. During an ongoing South by Southwest (SXSW) conference in Austin, Texas, founders of the famous exchange, Gemini publicized that the interest of younger generations is gravitating towards the cryptocurrency market. As such, they see Bitcoin’s potential will kill Gold.
Cameron Winklevoss took the stage and discussed;
“The only thing that’s truly precious, in my mind, is bitcoin. If you tell that to someone who’s my parents’ age, they’ll probably look at me and tell me I’m crazy, and I’m willing to accept that. But you talk to someone who’s playing Fortnite and say, okay, two options, bar of gold or the equivalent in bitcoin, they are 10 times out of 10, 100 times out of 100, going to take the bitcoin. They want software, they don’t want hardware.”
Gemini since 2016 (the first SXSW event held) has outgrown their staff from 25 to 200, explaining their experience of the event, Gemini exchange noted in their latest medium blog – the interest in cryptocurrency is at tipping out. The blog’s most interesting section reads that the crypto in 2016 was niche, today it is something – and tomorrow it will be everything.
Look no further than the packed house we saw from the stage — the energy and excitement around crypto’s future were palpable — money has a future. Perhaps more importantly, the level of engagement and thoughtful questions posed by the audience on topics such as stablecoins, mining, financial disruption, scalability, and others, demonstrates that cryptocurrency is in fact no longer a fringe technology.
Gemini Exchange to Build the Trust Gap
Speaking about the trust and regulated scenarios for a trading business like Gemini exchange, the blog mentioned an instance of Bitcoin. It says, buying Bitcoin in the year 2012 was quite risky because security was the essence and consequently holding such crypto asset safely is harder. With this, Gemini exchange is stepping towards solving the security issue and they believe the issue can be ‘solvable’ and it’s not intractable. Adding that, Gemini trading platform is continuously striving to build trust among the large crypto communities.

“One of our core values is conviction & the other is the long game. We have conviction in the asset class & are playing the long game, building a centurion that will last 100 years. We are not going for unicorn status, we are trying to build trust and longevity.” #sxsw #crypto
— Gemini (@Gemini) March 9, 2019

Gemini exchange’s promotional strategy is different than what other exchanges follow – they often go to the street, educating people about their product, trading method and sometimes running an Ad campaign with bulletins of ‘Crypto Needs Rules’ on the Wall Street Journal (WSJ). They confidently claim regulations in crypto will be a better move – as such, they focusing on ‘regulated markets thrive.
The healthiest markets in the world are also the most thoughtfully regulated. It’s hard to point to a market today that’s thriving that isn’t rules-based or governed by some level of regulatory oversight. The blog adds Some argue that the protocols themselves have enough “rules.” We agree, but protocols only govern the movement of funds inside systems; they don’t provide controls or oversight for the entrepreneurs and companies that build on top of them. Every crypto incident to date has been a company (or human) problem, not a crypto problem.
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Source: CoinGape

Cameron Winklevoss elaborates why cryptocurrency revolution is in dire need of rules

Winklevoss twins are among the prominent players who have contributed to the crypto revolution with the stablecoin Gemini USD and the upcoming exchange, Gemini. The twins addressed a topic that is somewhat a pariah in the cryptocurrency ecosystem, rules.
The twins launched a campaign not so long ago regarding “the revolution needs rules”, which received mixed feelings from the community as some people pushed it back while others understood the need for rules. In a recent tweet, Cameron Winklevoss addressed the same topic. He stated:
“Some have wondered why @Gemini believes the Revolution Needs Rules. Answer: Crypto doesn’t need rules, but the companies built on top of it do. See excerpt from court-appointed monitor’s (Ernst & Young) third report filed in Nova Scotia Supreme Court re: QuadrigaCX matter”
He clarified this in a subsequent tweet with the example of QuadrigaCX. The exchange allowed the editing of its internal ledger to move customer funds into new accounts. Insiders were even allowed to move these funds and trade with them.
Cameron tweeted:
“Every incident in crypto to date has been/would have been PREVENTABLE w/ proper rules and thoughtful regulation… Regulatory oversight = making sure people do what they say they’re going to do.”
There have been a large number of exchanges that have used users’ funds for personal profit and insider trading. The recent death of the CEO of QuadrigaCX exchange proved that the crypto revolution needs rules to keep such corporations and entities on track.
@jStepahnop1, a Twitter user, commented:
“Insider manipulation definitely needs to be stopped on crypto exchanges for sure and commend you guys for your work in that department, as long as it does not filter down to inhibiting the inherent freedoms crypto provides for everyday people”
@cryptomanusa, another Twitter user, added:
“Why so against Craig Wright? He appears all about the rules. I have seen zero proof of scamming rather significant intelligence with possibly an annoying personality.”
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Source: AMB Crypto

The SEC Could Approve the First Bitcoin ETF in 2019

The SEC Could Approve the First Bitcoin ETF in 2019
Professional crypto trader and writer Bill Adams takes a look the biggest developments in the Bitcoin ETF saga, unveiling the chances for eventual ETFs approval in 2019.
The SEC Could Approve the First Bitcoin ETF in 2019

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Source: CoinSpeaker

Not Facebook, Cryptocurrency Will be The Strongest Social Network: Cameron Winklevoss

Billionaire Bitcoin investors and founder of the Gemini Trust Company, Tyler and Cameron Winklevoss are the forerunners of the Bitcoin industry. Their conviction towards ‘decentralized economy’ with Bitcoin and cryptocurrency is strong and unmoved.
Since 2014, the twin entrepreneurs have tried to come up with a secure Bitcoin and cryptocurrency exchange platform. However, the regulations around cryptocurrency have only improved slightly over the past years with still a long way to go.
Gemini is the Most Regulated Cryptocurrency Exchange Platform in the World
Nevertheless, the twin’s claim to have created the “most regulated” cryptocurrency exchange platform of the world. It had achieved the SOC 2 review as per the American Institute of Certified Public Accountants (AICPA) guidelines. Gemini Trust currently seeks SEC approval to introduce a Bitcoin ETF.
Gemini Trust is the world’s first cryptocurrency exchange and custodian to demonstrate this level of security compliance in protecting customer data and funds.
In a recent interview, Tyler Winklevoss claimed that their primary “Product is trust.” The twins also expressed that there were various roadblocks in creating such a system. However, they have mitigated the risk for its users by learning from their and other people’s mistakes in the crypto-sphere.
In an attempt to increase the feasibility of the use of cryptocurrencies, the twin’s are driven to become the ‘safest cryptocurrency custodians for the people.’
Last but not least, Cameron commented on their controversial stand with Facebook:
According to him, “Money is the oldest social network and arguably the strongest; And crypto is one of the strongest networks of value in the world”
So they wish to become ‘the pioneers of that space’
The post Not Facebook, Cryptocurrency Will be The Strongest Social Network: Cameron Winklevoss appeared first on Coingape.
Source: CoinGape

Winklevoss’s Twin Conviction Towards Bitcoin Becomes Stronger Than Ever

Billionaire Bitcoin Investors and founders of Gemini Trust, Tyler and Cameron Winklevoss, recently addressed the on-going issues related to ‘protection of cryptocurrency wallets’ and ‘delayed regulations.’
‘Carcasses on the road of Crypto’
The security, feasibility of access and regulatory approval around an asset class, determines the FUD (Fear, Uncertainty, and doubt) characteristics around the pattern. Bitcoin was conceived to address the problem of centralized banking which holds controls over the funds of their customers.
However, ever since the Mt. Gox hacks in2011, it became apparent that the exchange which holds the private key for their customers are no different than the banks which act as custodians of their user’s funds. Recently, eight years after the hack, and numerous frauds and Ponzi schemes the demons of centralized exchange have come to surface with the QuadrigaCX issue.
The sudden death of the CEO of the Canadian Exchange, who was the sole holder of the private keys of the exchange’s cold wallet has unfortunately locked the funds of thousands of users. The total amount of the funds secured in cold wallets is approx $190 million.
“There are a lot of carcasses on the road of crypto that we’ve seen and learned from,” Cameron Winklevoss said Friday at the South by Southwest conference in Austin, Texas. “At the end of the day it’s really a trust problem. You need some kind of regulation to promote positive outcomes.”

“With a #crypto address and a smartphone, all of a sudden you are in the system. We are really just trying to extend the financial system, so you can send dollars anywhere in the world.” Our President Cameron @winklevoss on reaching the 1 billion people who unbanked #SXSW2019
— Gemini (@Gemini) March 9, 2019

Not Deterred from their Original Goal 
Winklevoss Twins support cryptocurrency and eventually found the Gemini Trust to provide an efficient payment system to the 1 billion ‘non-banked’ people of the world.
“With a crypto address and a smartphone, all of a sudden you are in the system,” he said. “We are really just trying to extend the financial system, so you can send dollars anywhere in the world.”
However, the systems around the blockchain and cryptocurrencies which are the end providers of access to Blockchain including Bitcoin must be diligently designed to address unforeseen circumstances as well. The community has suggested that multi-signature wallets and personalized education around public and private keys is the best way to go.
The twins also reaffirmed their conviction towards the revolutionary economic system,
“You want to have a couple of layers of checks and balances,” Tyler Winklevoss said. “We are here for the long haul.”
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Source: CoinGape

Brazillian Bank Partners With Gemini Crypto Exchange – Aims To Use Regulated Stabelcoin

Gemini cryptocurrency exchange, led by American rowers and Internet entrepreneurs – Cameron and Tyler Winklevoss are on bulletins again. As per the latest report, a Brazilian bank ‘BTG Pactual’ intends to utilize ‘Gemini dollar’ by partnering with Gemini cryptocurrency exchange.
Bank Step Ahead with Digital Token
Per the reports and the statement by CEO Tyler Winklevoss, the Banco BTG Pactual (a Brazillian investment bank) aims at utilizing ‘U.S.dollar backed stabelecoin which is a Gemini dollar introduced by one of the largest trading platform – the Gemini exchange.

“The tokenization of real assets is a major step forward in the evolution of the #crypto economy. Working w/ BTG Pactual to leverage GUSD as the stablecoin for ReitBZ helps move the industry in the right direction” – our CEO @tylerwinklevoss via @coindesk
— Gemini (@Gemini) February 22, 2019

With this initiative, the bank steps ahead to raise millions of dollars via security tokens offering. Particularly, it targets $15 million and further plans to establish a ‘secondary market’ to serve better liquidity to the tokens. The essence of Bank offering tokens is that ‘it enables investors to contribute to the Brazilian real estate market’ wherein the international investors can purchase their native token called ‘ReitBZ (RBZ).
“The technology associated with this offering allows us to be a pioneer in providing access to asset classes that have historically been difficult for global retail investors to access. We are constantly exploring innovative ways to promote, democratize and encourage the development of financial and capital markets.” Said Bank CEO – Roberto Sallouti,
So inconsequent to the partnership, Gemini dollar will be the stablecoin for Bank’s ReitBZ. To note, Gemini is already a regulated platform and quite often encourage regulations via their promotional strategies. Furthermore, the bank with the collaboration would receive investment capital and ‘distribute dividends on ETH blockchain platform. It said that the Bank would work in compliance with possible AML and KNY requirements as well.
Addressing the similar context, Gemini CEO Tyler Winklevoss said;
“The tokenization of real assets is a major step forward in the evolution of the crypto economy. … Working with BTG Pactual to leverage the Gemini dollar as the stablecoin for ReitBZ helps move the industry in the right direction,”
What do you think about BTG Pactual Banks’ collaboration with Gemini exchange? share your opinion with us. 
The post Brazillian Bank Partners With Gemini Crypto Exchange – Aims To Use Regulated Stabelcoin appeared first on Coingape.
Source: CoinGape

Gemini Certifies High Level of Security Compliance Successfully Passing Deloitte’s Review


Gemini Certifies High Level of Security Compliance Successfully Passing Deloitte’s Review

Successfully passing the examination, Gemini confirmed its status of a company with a high level of security compliance in protecting customer data and funds.

Gemini Certifies High Level of Security Compliance Successfully Passing Deloitte’s Review

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Source: CoinSpeaker

Professionalism in Crypto is Desperately Needed and Gemini is Setting Industry Standards

This week, prominent U.S.-based crypto exchange Gemini revealed it had become the first-ever cryptocurrency exchange and custodian to successfully complete a System and Organization Controls (SOC 2) for Service Organizations Type 1 examination.
The SOC 2 examination was conducted by “Big Four” auditor Deloitte & Touche LLP, and helps cement Gemini’s reputation for pushing the envelope for cryptocurrency compliance and regulation, and its status as an industry standard-setting leader in the crypto space.
Gemini Completes SOC 2 Exam, Proving Compliance and Security Prowess
SOC 2 reviews are a financial industry standard for determining if a service organization – such as an exchange – are up to speed on security compliance, and are equipped to keep customer’s funds safe. Currently, only Gemini has the bragging rights that their exchange demonstrates a high enough level of security to pass Deloitte’s review.
Gemini says that the exchange was built with a “security-first mentality from the start,” allowing the exchange to easily meet the benchmarks in Deloitte’s examination, which are set by the American Institute of Certified Public Accountants.
Related Reading | Gemini Launches Mobile App, Says Crypto Is Here to Stay
The SOC 2 explored Gemini’s infrastructure, exchange application, customer database, and the exchange’s “institutional-grade cryptocurrency storage system.”
Gemini’s goal with the review was to provide additional assurance for investors and regulators alike that any funds stored on the exchange are safe and secure – something that is desperately needed in an industry plagued with record-breaking levels of hacks and theft. The firm also plans to conduct the review annually, and is seeking a SOC 2 type 2 examination some time in 2019. 

Gemini Is Setting the Bar for the Crypto Industry
Gemini co-founders Cameron and Tyler Winklevoss are early Bitcoin supports and are among the few executives who are working tirelessly to elevate the crypto industry both in the eyes of investors, as well as in the face of key financial market regulators such as the Securities and Exchange Commission and the Commodity Futures Trading Commission.
In addition to the recent SOC 2 completion, Gemini also offers digital asset insurance from London-based global professional services company Aon. According to a press release, Gemini was approved after “demonstrating to underwriters that the company is a leading, best-in-class exchange and custodian.”
Related Reading | Winklevoss Twins Believe Bitcoin Will Surpass Gold, Remain Leading Crypto
The insurance provides peace of mind for investors using the Gemini platform, as any assets stored on the exchange are covered by Aon. Gemini also insures USD deposits through the Federal Deposit Insurance Corporation that often insures the funds at traditional institutions such as banks and credit unions.
The Winklevoss twins are also in support of cooperating with regulators to improve the state of the crypto industry. Last year, the twins proposed the creation of a Self-Regulatory Organization that could help govern the crypto industry in the United States, and alleviate regulator’s concerns that the crypto industry is rife with risk for investors.
The duo were also said to have attended a closed-door meeting with executives from Nasdaq and more to discuss further legitimizing the industry.
Gemini’s work to improve the overall industry is desperately needed during a time when cryptocurrency exchanges are repeatedly hacked, and crypto-related theft climbs to new heights.
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Source: New

Winklevoss Twin’s Trust Gemini Moves One Step Closer to an ETF Approval

Gemini Trust clears the SOC 2 examination for Service Organization Type 1 by engaging and appointing Big Four Deloitte to do the evaluation.
The announcement comes one month before the deadline set by the SEC to review the ETF proposals

Billionaire Bitcoin investors Tyler and Cameron Winklevoss‘s Newyork based trust reached a new milestone. They have successfully cleared the criteria that fall under SOC 2 review for Service Organization Type 1 as per the American Institute of Certified Public Accountants (AICPA) guidelines. Big 4 auditor Deloitte & Touche LLP (Deloitte) performed an independent evaluation of the security controls maintained at the trust.
Gemini is also the first exchange in the world to adhere to Level 2 standards of SOC under the regulation of the New York Department of Financial Services (NYDFS). These controls have been independently inspected to meet the criteria for Service Organization Type 1 set by the American Institute of Certified Public Accountants (AICPA). The goal of the SOC 2 criteria is to make sure that systems are secure and upholds the ethical spirit of availability, processing integrity, confidentiality, and privacy of customer data.
Security Issue and Custody Compliances
Cryptocurrency exchange wallets are vulnerable to cyber attacks, the Mt. Gox incident in 2011 Japan which was the first large-scale Bitcoin theft from a custodian. Cryptocurrency promotes an economy that is not supported by the banks. However, most of the cryptocurrency wallet users still have no or only partial control of their private addresses.
Paper and hardware wallets are a solution for secured independent cold storage of Bitcoins; however, for significant investments and ‘whale’ sized wallets, they too are not entirely efficacious. Institutional Financial trust companies adhere to state and global custody criteria and only after assurance of complete security and privacy, the high-volume investors chose a specific trust.
Currently, there are no guidelines underlined by the SEC or the CFTC related to cryptocurrencies. The nature of Bitcoin is also ambiguous and oscillates between currency and commodity. Hence, the regulators, company owners, and users are looking for security and protection against malpractices to maintain an ethical and informed use of Bitcoin.
With Cboe withdrawing its ETF proposal, the prospects for a derivative fund on US commodities market looked bleak. Nevertheless, progress made by Gemini Trust towards security compliances and regulatory approval comes as a silver lining for investors and other seven Bitcoin ETF proposals pending with the SEC.
The post Winklevoss Twin’s Trust Gemini Moves One Step Closer to an ETF Approval appeared first on Coingape.
Source: CoinGape

No More Bitcoin Craze? Expert says BTC Investors Now Turning to Gold

Bitcoin’s crash is turning the investors towards gold yet again says Jan Van Eck, CEO of Van Eck Associates. However, Crypto industry experts have shared that gold is rather “physically vulnerable” and bitcoin is better at being gold than gold itself.
The Tide has been Turned
Bitcoin has crashed over 80 percent from its all-time high at $20,000 in December 2017. But it couldn’t deter the investors from buying this digital asset, until now, if this ETF strategist is to be believed.
Jan Van Eck, CEO of Van Eck Associates in an interview with CNBC’s “ETF Edge” said that Bitcoin investors are now moving to the traditional commodity that is gold.
“I do think that Bitcoin pulled a little bit of demand away from gold last year, in 2017. Interestingly, we just polled 4,000 bitcoin investors and their number one investment for 2019 is actually gold. So gold lost to bitcoin and now it’s going the other way.”
During the period Bitcoin rallied and made its all-time high in December 2017, gold surged 4 percent in the same period. According to another expert, Tim Seymour, founder, and Chief Investment officer at Seymour Asset Management, the move now made toward gold will be difficult to turn back to Bitcoin.
“Not only have we lost all liquidity on the underlying [commodity] but truly outside of the existential blockchain argument, it’s been very difficult to argue store of value which is really what we started hearing about,” said Seymour. “Gold is a store of value and there’s no disputing that.”
But Bitcoin is Better at Being Gold than Gold!
This year, according to VanEck whose firm created the most well known gold ETFs, the best way to play is through gold ETFs, “The shares have been acting tremendously well over the last two or three months … It’s starting to zig when the stock market zags. In the majority of the days in Q4 when the S&P was down, GDX was up. So that zigzag, that decoupling makes me really excited about gold shares as a diversifier.”
Well, VanEck’s firm in association with SolidX and Cboe is also the one that is proposing a Bitcoin ETF. Though the proposal has been revoked by Cboe for now, it is expected in the future the approval would be acquired.
Also Read: Experts Predict Gold to Surge over Fiscal Woes & USD Crisis, What about Digital Gold-Bitcoin?
Recently, Tyler Winklevoss who runs Gemini stated Bitcoin would rather surpass gold’s market cap.
“Our thesis around Bitcoin’s upside remains unchanged. We believe Bitcoin is better at being gold than gold. If we’re right, then over time the market cap of Bitcoin will surpass the ~$7 trillion market cap of gold.”
For some, the VanEck’s comment might be seen as not motivating but for others, they are actually hopeful as one Bitcoin enthusiast commented on Reddit,
“$7.8 trillion gold picking on $0.063 trillion bitcoin… The fact that bitcoin and gold are even compared this much is promising.”
However, as Nick Szabo, computer scientist and cryptographer said, gold is “physically vulnerable.” And as another enthusiast said, “Where is this gold. At least I keep control and possession of my Bitcoin.”
The post No More Bitcoin Craze? Expert says BTC Investors Now Turning to Gold appeared first on Coingape.
Source: CoinGape

Winklevoss Twins Backlash On Regulatory Campaign ‘Crypto Needs Rules’

Very recently, Winklevoss twins had run an Ad campaign for their New York-based digital assets exchange. Since the advertisement sounds more like ‘a regulations around it’, it had gone viral and eventually received criticism across social media. One of such criticizing comment can be seen on Shapeshift’s Erik Voorhees twitter profile, quoting Gemini’s Ad campaign.
Regulation-Centric Ad Campaign
While many crypto enthusiasts are not really optimistic about regulations on crypto, the Winklevoss publicly ran an advertisement by encouraging rules for crypto. The Ad goes as ‘Crypto Needs Rules’. Eventually, there’s has been various negative comments and opinions – an instance can be seen below.

Hey @Gemini… crypto has lots of rules already. Crypto IS rules. These rules are stronger than any political inscriptions; they are objective, open and knowable to all parties, they transcend borders, and they are enforced by mathematics. Crypto is a system of laws and not men.
— Erik Voorhees (@ErikVoorhees) January 4, 2019

Winklevoss Twins Backlash
On Jan 24, 2019, Forbes media reported the podcast response of Winklevoss brothers for the comments received on their Ad campaigns. On pointing the adverse response from Shapeshift CEO, Erik Voorhees on the Ad campaign ‘Crypto Needs Regulations’, the twin brothers explained that;
“Well, we certainly know that we’re not going to please everybody, and I will say that I actually agree with Erik. Erik’s a very thoughtful thinker and an excellent writer, and I agree. Crypto doesn’t need rules because it has the rules of math and cryptography. The rules that we’re talking about are the regulatory oversight on how people use the technology and how people build the technology and how companies, like Gemini for example, custody assets and what kind of oversight.”
Further, on questioning Messari’s Dan MacArdle’s declaration of closing Gemini’s account (following the Ad material), they claim that every user at Gemini is free to leave the platform. During the discussion, they mark the ‘regulatory compliance are the essence for the digital asset exchange platform’. Recalling Japan’s Mt.Gox exchange and its bankruptcy event, the duo strongly claims that the proper rules and regulations for a trading platform are must prevent future collapse.
Winklevoss twins go on clarifying the scenario of regulations around crypto asset exchange. They claim, Bitcoin as permissionless money while trading platforms as a spot for strict regulations.
“Terrorist financing is a real thing. Being a New Yorker and living in New York, you know, September 11, is a real thing and that’s really, that’s the overarching goal of [the Bank Secrecy Act and anti-money laundering laws].”
However, while explaining, Winklevii notes that ‘need for regulations’ is not for ‘big brother state’. They recall horrible crimes of Sept 11, 2001, the attack in NewYork, and added that it is to prevent further terrorism.
Street Meetup – Gemini’s Awareness
Besides the regulatory stunt Ad that had run on early Jan 2019, Gemini Bitcoin Exchange has shared a glimpse of their public meet at Zuccotti Park. This time, it is more on creating awareness and addressing the possible queries of the general public about the Gemini platform, their mobile app and crypto industry at large.

Sneak peek into the Gemini meet and greet at Zuccotti Park where we talked about #crypto and answered common questions about the industry, our mobile app, and more! #cryptoandcoffee
— Gemini (@Gemini) January 24, 2019

Nevertheless, Gemini’s recent effort of bringing crypto adoption to the street has been embraced by many. In fact, Weiss rating and many users appreciated the initiative wherein the exchange comes forth on street to share insights as well as Gemini’s t-Shirt in Newyork.

When advertising also means educating the public about #crypto, it’s good not only for the company that does it but also for #CryptoAdoption in general. We approve!
— Weiss Ratings (@WeissRatings) January 25, 2019

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Source: CoinGape

2019 Will Be Even Worse for Cryptos, Believes Famous Californian Professor


2019 Will Be Even Worse for Cryptos, Believes Famous Californian Professor

While some remains optimistic about the current market decline, crypto-naysayers take this occasion to sentence Bitcoin and the rest of crypto-waggon to death.

2019 Will Be Even Worse for Cryptos, Believes Famous Californian Professor

Continue reading at Coinspeaker
Source: CoinSpeaker

Charlie Shrem Wins His First Battle with Winklevoss Twins, Order to Freeze Assets Lifted


Charlie Shrem Wins His First Battle with Winklevoss Twins, Order to Freeze Assets Lifted

On hearing both sides of the story, the judge has recently given a decision to release Shrem’s assets while not disclosing the explanation behind it.

Charlie Shrem Wins His First Battle with Winklevoss Twins, Order to Freeze Assets Lifted

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Source: CoinSpeaker

Shrem’s Lawyer Responds to Allegations, Claims Client Didn’t Steal 5,000 BTC

Charlie Shrem’s lawyer has responded to the Winklevoss allegations that he stole 5,000 BTC from the pair in 2012.
The early Bitcoin adopter refutes the claims saying he cannot have taken the Bitcoin because it never belonged to the Gemini exchange founders to begin with.
Shrem’s Lawyer: Charlie “Has Never Owned 5,000 Bitcoins”
In a lengthy court document published today, early Bitcoin investor Shrem has denied using stolen money from the Winklevoss Capital Fund (WCF) to buy 5,000 BTC for the pair in December 2012.
The twins had filed the original complaint on September 11, 2018 saying that Shrem had spent $61,000 of their money to buy Bitcoin and was now living lavishly off the gains made largely thanks to last year’s bull market. However, Shrem was only made aware of the allegations on October 26, hence the delayed response from his legal team.
Shrem’s lawyer, Brian E. Klein, has responded to the allegations by stating that the 5,000 BTC mentioned in the Winklevoss’s original complaint never belonged to the twins. It instead was that of an anonymous contact of Shrem who, for confidentiality’s sake, is referred to as “Mr X” and a “prominent Bitcoin industry member” in the court document.
Klein claims that Mr X had sent an email out to various people in the Bitcoin community in December 2012 asking for help putting a large amount of Bitcoin into cold storage. Shrem agreed and responded that day saying so. He included one of the addresses referenced in the Winklevoss complaint — “1Shremdh9tVop1gxMzJ7baHxp6XX2WWRW ” — for Mr X to sent the 5,000 BTC to.
Mr X obliged and transferred the Bitcoin to Shrem’s wallet on December 31 after agreeing to meet to setup the cold storage. Klein claims that the pair made the final transfer of funds to Mr X’s wallet from Shrem’s office at a later date.
The receiving wallet, “1MQ3K9aPcEDCekpFBGyDAgtD1uPss8E7rY”, is also referenced in the original Winklevoss complaint. However, Klein asserts that his client never had control of the private key to Mr X’s wallet and since he has “never owned 5,000 all at one time” has no idea where the Winklevoss allegations stem from.
During the document, there is little mention of the whereabouts of the $61,000 that Shrem supposedly owes to the twins. Instead, it focuses on explaining the origins of the 5,000 BTC mentioned in the Gemini exchange founders’ original complaint.
Presumably Klein’s client would much prefer to be ordered to pay back just $61,000 instead of the more than $32.5 million in Bitcoin that Tyler and Cameron claim is rightfully theirs should their allegations carry any truth whatsoever.
Shrem’s lawyer is demanding the New York District Court award legal fees to his client and stated:
“Shrem engaged in no wrongdoing. Period… The Court should also exercise its supervisory powers and dismiss the entire case at this time in light of its false premise and the unfair, significant disruption it has caused to Shrem’s life.”
Featured image from Shutterstock.
The post Shrem’s Lawyer Responds to Allegations, Claims Client Didn’t Steal 5,000 BTC appeared first on NewsBTC.
Source: New

Winklevoss’ Gemini Dollar [GUSD] live on Coinomi Wallet; another feather in the cap for the stablecoin?

Recently, Gemini Exchange, a digital asset custodian and exchange platform announced that its stablecoin, Gemini Dollar [GUSD] was live on Coinomi wallet.
The Gemini Trust Company is a New York-based platform which was founded in 2014 by Cameron and Tyler Winklevoss. On June 2016 the exchange came to be known as the world’s first licensed cryptocurrency exchange platform. The Coinomi wallet is a cryptocurrency wallet wherein users can store, manage and exchange Bitcoin [BTC], Ethereum [ETC] and several other altcoins.
Gemini on its official Twitter stated:
“We are happy to announce that the Gemini dollar [GUSD] is now live on CoinomiWallet!”
Earlier in September, the Winklevoss twins launched their regulated stablecoin, GUSD on Gemini Exchange with an aim to ‘send and receive U.S dollars like e-mail’. The twins had stated that through the launch of the GUSD stablecoin, the US dollar could be brought to the blockchain platform.
The Winklevoss brothers further stated that the move was made to serve as a link between the present fast-paced digital currency ecosystem and the traditional fiat-based payment system.
TeslaTrades, a Twitterati said:
 “This is awesome. I am very happy now. RIP Tether.”
MountCrypto, another Twitterati said:
 “I Hope that the GUSD is the USDT killer.”
WarnerBrosUrban, a Twitter user said:
 “This is a scam coin, lol.”
The Gemini Dollar was previously listed on Bibox, an AI-enhanced, encrypted cryptocurrency exchange platform. Towards the end of September, GUSD was listed on HitBTC exchange. HitBTC on their Twitter stated that they strongly support the concept and philosophy of stablecoins and were therefore glad to open markets for the Gemini Dollar.
Moreover, in mid-September, Gemini Exchange announced that they had received regulatory approval to list Litecoin [LTC] on its platform.
The post Winklevoss’ Gemini Dollar [GUSD] live on Coinomi Wallet; another feather in the cap for the stablecoin? appeared first on AMBCrypto.
Source: AMB Crypto