Winklevosses Bet Big on a Crypto Bull Market. They Bet Wrong

Brothers ousted top executives of their crypto exchange Gemini after global expansion backfired and shares fell 70% since stock listing.

Gemini co-founders Tyler and Cameron Winklevoss during the company's initial public offering in September. Michael Nagle/Getty Images.

Yueqi Yang

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Michael Roddan

Shortly after Tyler and Cameron Winklevoss took their crypto exchange public last fall, they celebrated the company’s expansion in Australia with a swanky party at a greenhouse in Sydney’s Royal Botanic Garden.

The Winklevoss twins appeared via video link before a DJ played for a throng of supporters. “We’re in Australia for good,” James Logan, the new head of Australia for the crypto exchange, Gemini Space Station, said on social media.