Having attended Harvard University alongside Mark Zuckerberg, the co-founder of Facebook, the brothers have had a colorful journey. From reportedly inspiring Zuckerberg to create Facebook, to engaging in a legal dispute with him over the platform's origins, then they ventured into the world of cryptocurrencies, investing in Bitcoin with the funds acquired from the aforementioned lawsuit. Additionally, they co-founded a cover band named MarsJunction. However, their ventures took a legal turn when they faced allegations from the Attorney General for purportedly defrauding investors through their cryptocurrency exchange, Gemini. Notably, the brothers also participated in the 2008 Summer Olympics, adding another intriguing chapter to their diverse experiences.

Early Days

Born on August 21, 1981, in Southampton, New York, United States, the Winklevoss twins were raised in Connecticut in an entrepreneurial and business-oriented environment.

Both siblings pursued their higher education at Harvard University, focusing on economics while excelling in rowing, a sport they were introduced to during their high school years. Their dedication to athletics and competitive drive led them to compete in the men's pair rowing event at the 2008 Beijing Olympics, where they proudly represented the United States.

[PART 1]

The Social Network

The Winklevoss Twins, known for their towering height of 1.96 meters, gained widespread recognition when actor Armie Hammer portrayed them in the 2010 biographical film "The Social Network." The movie delves into the founding of Facebook and the subsequent legal battles, bringing the twins into the global spotlight.

"The Social Network" received critical acclaim upon its release, earning eight Oscar nominations and winning three. The film is often lauded as one of the best movies of the 2010s and the entire 21st century.

While the accuracy of the movie's portrayal of the Winklevoss Twins and the events surrounding Facebook's inception is a subject of debate, the twins themselves reportedly approved of their depiction in the film. They believe that the movie effectively captured the essence of Facebook's creation and the legal disputes they were embroiled in.

In real life, according to the twins, they claim that they played a significant role in inspiring Mark Zuckerberg to create Facebook during their time at Harvard University. Subsequently, they alleged that Zuckerberg appropriated their idea and launched Facebook without their consent. This dispute led to a legal battle between the Winklevoss Twins and Zuckerberg, eventually resulting in a settlement. Despite the complexities of their relationship with Zuckerberg and the legal entanglements, the twins have maintained their entrepreneurial pursuits and involvement in the world of technology and finance.

Facebook & Mark Zuckerberg

The Winklevoss Twins, along with Divya Narendra, founded ConnectU (originally HarvardConnection) in 2004, a social networking platform designed for student communication. They enlisted Mark Zuckerberg to work on the project, only to later accuse him of using their ideas and misleading them while he developed his own social networking site, TheFacebook, which later evolved into Facebook. This dispute led to a prolonged legal battle between the parties, with Facebook counter-suing the Winklevoss Twins over their Social Butterfly project.

Amidst the legal drama and ensuing theories, a notable debate emerged regarding Mark Zuckerberg's motivations and sentiments towards the Winklevoss Twins. Some speculated that Zuckerberg harbored envy towards the brothers due to their social standing and perceived advantages. The theory suggested that Zuckerberg may have initially collaborated with them to neutralize potential competition or to enhance his own reputation. Over time, however, Zuckerberg has risen to great prominence as the founder of Facebook, garnering admiration for his achievements and philanthropic endeavors.

The legal saga between the Winklevoss Twins and Facebook spanned from 2004 to 2011, culminating in a settlement that the twins have since sought to overturn. They allege that they were misled about the value of the settlement, with Facebook's stock soaring in value post-settlement. Despite Facebook's denial of any wrongdoing, the twins have pursued legal avenues to challenge the initial agreement, citing principles and a quest for vindication.

Furthermore, the twins found themselves embroiled in a separate conflict with their former lawyers over fees, leading to a court order for payment. Ultimately, a U.S. appeals court ruled against granting the Winklevoss Twins additional funds beyond the original settlement amount agreed with Facebook.

Interestingly, the concept of the Metaverse, now a prominent term in the tech world, was reportedly originated by the Winklevoss Twins. While Mark Zuckerberg has integrated this concept into Facebook's features, the twins' were rumoured to have discovered Meta first.

Bitcoin

Following the legal proceedings, the public interest in the Winklevoss brothers did not wane. Leveraging the proceeds from the $65 million lawsuit, the siblings emerged as trailblazing figures in the realm of cryptocurrency, eventually attaining billionaire status through their ventures in Bitcoin.

In 2012, the duo established Winklevoss Capital, a firm dedicated to providing angel investments to nascent enterprises and aspiring entrepreneurs. With a diverse portfolio encompassing nearly 100 initiatives, the company currently nurtures 20 ventures centered around the burgeoning field of cryptocurrency.

Subsequently, in April 2013, the brothers embarked on a strategic accumulation of Bitcoin, disclosing their possession of approximately $11 million worth of the digital currency under the auspices of Winklevoss Capital. Their proactive involvement in Bitcoin during its formative years, characterized by modest public reception, exemplifies their foresight and innovative acumen. Reports indicate that certain acquisitions were secured at a fraction of today's market value, with prices as low as $10 per unit. Notably, it was speculated that the duo held a substantial 1% stake in the overall Bitcoin supply at that juncture. However, the market experienced a notable downturn shortly following their revelation, marked by a precipitous drop in Bitcoin's valuation from $180 to $80 within a week, heralding the onset of a series of fluctuations in the volatile cryptocurrency landscape.

Gemini & Genesis

The Winklevoss brothers' unwavering belief in the transformative potential of cryptocurrencies led them to establish the Gemini cryptocurrency exchange. Tyler Winklevoss, in particular, advocated for regulatory measures to enhance the accessibility of cryptocurrencies to retail investors. Despite the challenging market dynamics in 2018, Gemini thrived and emerged as one of the most reputable and secure cryptocurrency exchanges in the United States. The exchange earned acclaim for its robust security measures, positioning itself as a trusted platform for cryptocurrency transactions and storage. Notably, Gemini attained the distinction of being one of the earliest exchanges to receive licensing from the New York State Department of Financial Services, a notable achievement given New York's stringent regulatory environment for cryptocurrencies.

[PART 2]

As the value of Bitcoin surged, the Winklevoss twins ascended to the ranks of early Bitcoin billionaires, solidifying their stature in the industry. Subsequently, Gemini ventured into the realm of non-fungible tokens (NFTs) with the launch of the Nifty Gateway marketplace in 2018, albeit encountering security challenges along the way. The platform diversified its offerings with the introduction of Gemini Earn, a feature promising competitive returns of up to 7.4% for crypto deposits. However, like many cryptocurrency enterprises, Gemini confronted the impact of the bear market in 2021 and 2022, leading to a workforce reduction of approximately 10%. Additionally, their affiliate company, Genesis Global Capital, suspended fund redemptions following the FTX controversy.

Amidst these developments, the Winklevoss brothers embarked on a unique musical endeavor, adopting the moniker 'Mars Junction' and embarking on a 10-stop nationwide tour as a cover band, regaling audiences with renditions of classic hits such as "Don't Stop Believin'." Meanwhile, within Gemini, employees contended with the repercussions of organizational changes, with some individuals choosing to update their resumes in response to the company's operational adjustments. One former employee expressed disillusionment at the juxtaposition of staff layoffs and the brothers' musical pursuits, underscoring the complexities of navigating transitions within a dynamic industry landscape.

By the end of 2022, the Winklevoss brothers found themselves embroiled in yet another legal entanglement as investors initiated legal action against them, alleging non-payment of interest on their cryptocurrency deposits. The lawsuit centered on Gemini's termination of the Gemini Earn feature in January 2023, prompting the twin brothers to inject $100 million of their personal funds into reviving the platform and reimbursing affected users.

At the crux of the legal dispute were Gemini interest accounts (GIAs), which investors contended should have been classified as registered securities under federal law to safeguard their interests. Allegations put forth in the lawsuit asserted that Gemini had disseminated misleading information regarding the security and reliability of GIAs, misrepresenting them as a secure avenue for accruing interest.

Gemini Earn facilitated the lending of crypto assets to Gemini in exchange for interest payments, with the platform establishing a lending arrangement with Genesis Global Capital to facilitate the provision of Gemini Earn assets. Legal filings suggested that Gemini had withheld crucial information regarding Genesis Global Capital's financial challenges from users, contributing to the ensuing legal imbroglio.

While similar services such as BlockFi and Celsius faced financial distress culminating in bankruptcy filings, the fate of Gemini unfolded uniquely. Contrary to the perception cultivated among customers, Gemini's operations involved a partnership with the crypto lending platform Genesis, a detail not prominently disclosed to users. The absence of explicit transparency regarding this collaboration raised concerns among customers, who had envisioned Gemini's yield generation as a consequence of sophisticated trading activities rather than a lending partnership with Genesis.

Amidst industry upheavals, the collapse of Terra USD in July 2022 reverberated across the sector, precipitating the bankruptcy of esteemed investment entity Three Arrows Capital. This development had cascading repercussions, notably impacting investors such as FTX, to which Genesis held significant exposure. Legal records indicated that prior to the bankruptcy of Three Arrows Capital, Gemini had downgraded its assessment of Genesis' credit rating from BBB (investment grade) to CCC (junk grade) without public disclosure to investors. Subsequently, rather than invoking contractual measures with Genesis to safeguard customers, Gemini clandestinely withdrew $280 million in assets before initiating bankruptcy proceedings on January 19, 2023.

Barry Silbert & DCG

In response to the tumultuous events surrounding Genesis Global Capital and its intertwined relationship with Gemini, the Winklevoss brothers opted to pursue legal recourse against Barry Silbert, a prominent figure in the cryptocurrency domain who served as the CEO of Digital Currency Group (DCG) and Genesis.

Gemini asserts that it entrusted approximately $1 billion of its clients' funds to Genesis for lending purposes, with the expectation that Genesis would facilitate the generation of returns exceeding 7% as promised to investors. Following Genesis' declaration of bankruptcy in January subsequent to engaging in high-risk ventures, the company remains indebted to various creditors, including Gemini, to the tune of over $3 billion according to court documents.

The lawsuit initiated by the Winklevoss brothers alleges that Silbert and Genesis engaged in deceptive practices, misleading investors and resorting to accounting maneuvers in an attempt to obfuscate deficiencies in the parent company's financial standing. Digital Currency Group has refuted these accusations, setting the stage for a legal contest over the disputed claims.

Twitter Open Letter

Cameron Winklevoss escalated the ongoing dispute by taking to Twitter to publicly address Barry Silbert, penning an open letter that castigated the CEO for purportedly adopting a victimization narrative. In the missive, Winklevoss condemned Silbert for what he perceived as attempts to evade accountability, issuing a stern warning of impending legal action against Digital Currency Group (DCG) and Silbert himself for the protracted delays in resolving the outstanding financial obligations owed to Gemini by the insolvent lender Genesis.

“It takes a special kind of person to owe $3.3 billion dollars to hundreds of thousands of people and believe, or at least pretend to believe, that they are some kind of victim,” said Winklevoss, adding: “Not even Sam Bankman-Fried was capable of such delusion.”

Barry Silbert responded to Cameron Winklevoss on Twitter, refuting the claim that DCG borrowed $1.675 billion from Genesis and asserting that all interest payments owed to Genesis had been fulfilled.

Following this exchange, the Winklevoss twins issued an ultimatum to Silbert, demanding that DCG accept their "best and final offer" by 4 pm Eastern Time on July 6, 2023, or face a lawsuit on July 7. The proposed offer outlined a payment plan requiring DCG to remit $275 million by July 21, an additional $355 million before July 21, 2025, and a final sum of $835 million by July 21, 2028, totaling $1.47 billion. The payment was to be made in Bitcoin, Ethereum, and United States Dollars.

Subsequently, on July 7, 2023, the Winklevoss brothers followed through on their ultimatum and officially filed a lawsuit against DCG and Barry Silbert.

New York vs Winklevii

The lawsuit filed by New York Attorney General Letitia James against cryptocurrency firms Gemini, Genesis, and DCG on grounds of alleged defrauding of investors through the Gemini Earn investment program is a matter of significant concern. The investigation revealed discrepancies between the representations made to investors regarding the program's risk profile and the actual financial realities associated with Genesis, a partner of Gemini.

The allegations suggest that investors, including a substantial number of New York citizens, were misled into believing that their investments in the Gemini Earn program were low-risk when, in fact, they were exposed to significant financial risks. The lawsuit aims to hold the companies accountable for their actions and seeks to ban them from operating in the financial investment industry in New York. Additionally, it seeks restitution for the impacted investors and the recovery of any unjustly obtained profits.

This legal action underscores the importance of transparency and accountability in the financial sector and serves as a reminder of the potential consequences of misleading investors and engaging in fraudulent practices.

Where Are They Now?

It appears that despite the legal challenges and controversy surrounding their involvement in the cryptocurrency industry, Cameron and Tyler Winklevoss have continued to thrive in their roles at Gemini. With a reported net worth of $1.4 billion each, as per Forbes, the brothers have maintained their positions as President and CEO of Gemini, respectively.

The Winklevoss twins' interest in expanding Gemini's presence in Singapore underscores their ongoing commitment to growing their business and tapping into new markets. Singapore, known for its favorable regulatory environment and emerging role in the cryptocurrency space, presents a strategic opportunity for Gemini to further establish its foothold in the region.

By expressing their intention to expand the Gemini team, particularly in sales and engineering, the Winklevoss twins are signaling their dedication to driving innovation and growth within their company. Despite past challenges, the Winklevoss brothers remain influential figures in the crypto world, and their efforts to expand Gemini's reach indicate a continued focus on advancing their presence in the industry.