US Sues Cryptocurrency Exchange Run by Winklevoss Twins

05 March 2022, Berlin: A coin bearing the logo of the bitcoin cryptocurrency lies on a table. (dpa)
05 March 2022, Berlin: A coin bearing the logo of the bitcoin cryptocurrency lies on a table. (dpa)
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US Sues Cryptocurrency Exchange Run by Winklevoss Twins

05 March 2022, Berlin: A coin bearing the logo of the bitcoin cryptocurrency lies on a table. (dpa)
05 March 2022, Berlin: A coin bearing the logo of the bitcoin cryptocurrency lies on a table. (dpa)

US regulators on Thursday said they are suing the Gemini Trust cryptocurrency exchange, which is run by Cameron and Tyler Winklevoss, for giving misleading answers in 2017 about a bitcoin project.

The Commodity Futures Trading Commission lawsuit filed in federal court in New York accuses Gemini of not being upfront about how easy it would be to manipulate a bitcoin futures project proposed at the time, the agency said in a statement.

The futures contract launched at the end of 2017 and stopped trading two years later, according to blog posts from Gemini and a partner company, AFP said.

Making false or misleading statements to the commission undermines its work to protect market participants, prevent price manipulation, and promote fair competition, acting director of enforcement Gretchen Lowe said in the statement.

"This enforcement action sends a strong message that the Commission will act to safeguard the integrity of the market oversight process," Lowe said.

The US agency is seeking financial penalties, the surrender of any ill-gotten gains, and an injunction forbidding Gemini from such behavior in the future, it said.

Gemini defended its record when asked about the suit.

"We have an eight year track-record of asking for permission, not forgiveness, and always doing the right thing," it told AFP, adding: "We look forward to definitively proving this in court."

Cameron and Tyler Winklevoss, twin Harvard classmates of Mark Zuckerberg, who sued him over claims he stole the idea for Facebook from them, started and run New York-based Gemini.

The brothers told Gemini employees on Thursday that about 10 percent of them were being laid off as staff is trimmed to endure a "crypto winter" likely to persist for a while, according to a copy of the email posted online by the company.

"The crypto revolution is well underway and its impact will continue to be profound, but its trajectory has been anything but gradual or predictable," the brothers said.

The industry is in a "contraction phase that is settling into a period of stasis -- what our industry refers to as 'crypto winter'" compounded by macroeconomic and geopolitical turmoil, they added.



Huawei Launches Pura 80 Smartphone Series in Next Step of China Comeback 

The Huawei logo is seen in this illustration taken on January 29, 2025. (Reuters)
The Huawei logo is seen in this illustration taken on January 29, 2025. (Reuters)
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Huawei Launches Pura 80 Smartphone Series in Next Step of China Comeback 

The Huawei logo is seen in this illustration taken on January 29, 2025. (Reuters)
The Huawei logo is seen in this illustration taken on January 29, 2025. (Reuters)

Chinese tech giant Huawei launched its Pura 80 smartphone series on Wednesday, as the company seeks to cement its comeback in China's premium smartphone market following years of US sanctions.

Huawei's latest flagship launch demonstrates the Chinese tech giant's continued efforts to reclaim the top spot in its home market despite ongoing US sanctions. Each new phone release is closely watched as a barometer of the company's technological capabilities and market resilience following years of restrictions that severely impacted its smartphone business.

Huawei's resurgence has intensified pressure on Apple, which has seen its market share in China steadily decline and has increasingly relied on price discounts to stimulate sales.

Huawei unveiled the Pura 80 series through a livestream event, with consumer business unit head Yu Chengdong focusing heavily on camera capabilities and AI features while staying silent about the chips powering the devices.

The series includes four models: Pura 80, Pura 80 Pro, Pura 80 Pro+, and Pura 80 Ultra. Pricing starts at 6,499 yuan ($905) for the Pro series launching June 14, with the Pro+ also launching June 14 at 7,999 yuan and the Ultra at 9,999 yuan on June 26. The base model launches in July.

The cameras use XMAGE technology and feature ultra-wide-angle and macro telephoto lenses with embedded AI that can identify objects and provide information like tourist guides.

Huawei phone launches generate significant interest as many view them as the company defying US sanctions.

On Chinese microblogging platform Weibo, three of the top ten trending topics on Wednesday were Pura 80-related. User reactions were mixed, with many praising the camera capabilities and sleek design, while others complained the prices were too high and not worth the cost.