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Discover how the Winklevoss twins lost over a billion dollars in a shady loan scheme at their cryptocurrency exchange. From being conned by Mark Zuckerberg to conning thousands into trusting the worst investor, this episode explores the rise and fall of a scandalous financial venture.
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Quick takeaways
- The Winklevoss twins faced losses due to shady loans, showing their transition from victims to perpetrators in the crypto world.
- Gemini's engagement with high-risk entities like Genesis Capital highlights the dangers of leveraging customer funds in the volatile crypto market.
Deep dives
The Rise of Crypto Scams and Frauds
Cryptocurrency scams and frauds have plagued the industry, with prominent figures like Sam Bankman Free and the Winklevoss twins making headlines. Free's fraudulent activities led to the collapse of his cryptocurrency exchange, FTX, as he funneled customer funds. On the other hand, the Winklevoss twins, known for their legal battles with Mark Zuckerberg, ventured into the crypto scene. Despite facing legal challenges, they profited significantly by investing in Bitcoin, launching Gemini exchange, and engaging with entities like Genesis and Three Arrows Capital.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode