The tussle and battle: Gemini’s Winklevoss Bitcoin (BTC) battle continues
|- Shrem requested the judge to dismiss the case saying that he was never the owner of the Bitcoins.
- The assets (5,000 BTC) belonged to a high profile individual in the crypto industry.
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.
Find the latest Bitcoin price analysis here.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.