The famous Winklevoss twins are reported to have lost a court case
they have been fighting against, Charles Shrem the former chief
executive officer of BitInstant. The twins claimed that Shrem axed
part of a $750,000 investment that had made to the New York-based
cryptocurrency exchange.
The founders of Gemini exchange, which has recently launched a USD
pegged stablecoin referred to as Gemini Dollar, reckon that the
former CEO used the funds he cut from the above mentioned
investment to purchase a total of 5,000 BTC that had a value of
$61,000 at the time. The account belonging to Shrem was frozen last
month by a judge before notifying Shrem. However, the freeze was
removed yesterday following a court hearing.
The former CEO has had a shady track record including spending a
year in prison. He was found guilty in case that claimed that he
assisted people to purchase drugs with Bitcoin via the Silk Road
marketplace. Shrem requested the judge to dismiss the case saying
that he was never the owner of the Bitcoins. He added that the
assets belonged to a high profile individual in the crypto industry.
The Winklevoss brothers, Tyler Meade told the court that Shrem is
not disclosing the assets he owns. Stating that:
"We do not have to show that he is actually hiding
assets, although we believe he is," said Meade. 5,000
Bitcoins are valued at more than $32 million today.”
On the other hand, Shrem’s lawyer, Brian Klein told that court that
his client’s assets are in real estate and that they had diminished
significantly since the stamen of account was made. The court set
the date for the trial on June 17.
they have been fighting against, Charles Shrem the former chief
executive officer of BitInstant. The twins claimed that Shrem axed
part of a $750,000 investment that had made to the New York-based
cryptocurrency exchange.
The founders of Gemini exchange, which has recently launched a USD
pegged stablecoin referred to as Gemini Dollar, reckon that the
former CEO used the funds he cut from the above mentioned
investment to purchase a total of 5,000 BTC that had a value of
$61,000 at the time. The account belonging to Shrem was frozen last
month by a judge before notifying Shrem. However, the freeze was
removed yesterday following a court hearing.
The former CEO has had a shady track record including spending a
year in prison. He was found guilty in case that claimed that he
assisted people to purchase drugs with Bitcoin via the Silk Road
marketplace. Shrem requested the judge to dismiss the case saying
that he was never the owner of the Bitcoins. He added that the
assets belonged to a high profile individual in the crypto industry.
The Winklevoss brothers, Tyler Meade told the court that Shrem is
not disclosing the assets he owns. Stating that:
"We do not have to show that he is actually hiding
assets, although we believe he is," said Meade. 5,000
Bitcoins are valued at more than $32 million today.”
On the other hand, Shrem’s lawyer, Brian Klein told that court that
his client’s assets are in real estate and that they had diminished
significantly since the stamen of account was made. The court set
the date for the trial on June 17.
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