According to Odaily Odaily, crypto exchage Gemini and its co-founders Tyler Winklevoss and Cameron Winklevoss are facing a class-action lawsuit from shareholders in New York.
The lawsuit alleges that Gemini described itself in its IPO filing as an exchange focused on expanding its user base and international business, but subsequently shifted to a business model centered on prediction markets, causing its stock price to fall by more than 80% from $28 at the time of its IPO to about $6.
The report indicates that in February of this year, the company announced the advancement of its "Gemini 2.0" prediction market strategy, while simultaneously laying off approximately 25% of its workforce and withdrawing from the EU, UK, and Australian markets. That same month, the company's Chief Financial Officer, Chief Operating Officer, and Chief Legal Officer all resigned. The plaintiff has requested a jury trial and is seeking damages. (Cointelegraph)
