"Winklevoss Twins' Start-Up to Compensate Customers with $1B Payout"
Gemini, the crypto startup owned by the Winklevoss twins, has agreed to return $1.1 billion to customers who lost money in their partnership with the now-bankrupt crypto lender Genesis. The New York State Department of Financial Services stated that Gemini failed to fully vet or monitor Genesis, leading to significant losses for around 200,000 customers. Gemini will also pay $40 million to the Genesis bankruptcy for the benefit of customers and a $37 million fine for regulatory failures.