Collective lawsuit against the cryptocurrency exchange #Gemini

On March 18, shareholders filed a collective lawsuit against the cryptocurrency exchange Gemini. The plaintiffs accuse the platform, its founders Tyler and Cameron Winklevoss, and top managers of misleading investors during and after the IPO.

The complaint states that in November, the management publicly reported on the progress of international expansion and plans to enter "key global markets." In the issuance prospectus, the exchange was referred to as the company's main product. However, soon after, the Winklevoss brothers cut 25% of the workforce and announced their exit from the EU, the UK, and Australia.

At the same time, the exchange significantly changed its business model, focusing on prediction markets. In December, Gemini launched the Gemini Predictions platform, receiving approval from the CFTC.