Charlie Shrem Faces A $32 Million Lawsuit From Tyler And Cameron Winklevoss

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Charlie Shrem Faces A $32 Million Lawsuit From Tyler And Cameron Winklevoss

Tyler and Cameron Winklevoss, the founders of one of the leading cryptocurrency exchanges, Gemini have filed a lawsuit against Charlie Shrem. In the lawsuit, which dates back to 2012, the twin brothers allege that the Cryptocurrency pioneer fleeced them about 5,000 Bitcoin tokens.  It is not, however, clear how this happened. Nonetheless, the Bitcoin investor reportedly owns multiple properties, which the twins suspect he bought them with the Bitcoin he owns them.

On the lawsuit unsealed in federal court, the Winklevoss twins claim that the six properties owned by the Bitcoin investor are not legit. A report by the New York Times outlines that the duo believe Shrem has continued spending spree on a Bitcoin, which is supposedly not his.

But Shrem is the reason the Winklevoss brothers got into the cryptocurrency space

The 28-year-old Shrem has been in the cryptocurrency space for the longest. Although it is no longer operational, he is the CEO a crypto exchange called BitInstant. He is the same person who helped the Winklevoss twins find a soft landing in the cryptocurrency space.  It is at this time that they handed $1 million to Shrem to buy them Bitcoins. One Bitcoin was then trading above $11. However, they never got back $37.1 million worth of 5,000 Bitcoins.

The relationship did not last long because Shrem eventually found himself in prison after pleading guilty in another illegal operation. This was in addition to money laundering activities and helping people exchange their fiat to Bitcoin through his company. Nonetheless, he has since left prison and seemingly living a life of luxury.

This is a twist into the cryptocurrency trading

Cryptocurrency trading has made a name and a history. It is a business, which has enriched the high and the mighty. This is despite massive loses by various investors following online scamming. It is perhaps the reason why the Winklevoss brothers hired an accountant who brought to light the missing Bitcoins. The brothers have gone ahead to freeze Shrem’s funds in his different companies.

Even then, Shrem’s lawyer, Brian Klein has referred to the twins’ claim baseless and that he would fight back to clear the allegations.

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