The Winklevoss twins rock on
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The Winklevoss twins rock on
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The Winklevoss twins rock on
Welcome back to Chain Reaction.
Last week, we talked about an arrest in the crypto world that had investors sweating. This week, we're talking about rocking through the general malaise of a crypto winter.
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Crypto has had a brutal couple months and yet, the show goes on — metaphorically and literally for the Winklevoss twins who, despite announcing significant layoffs and suffering a federal lawsuit this week against their crypto exchange Gemini, have started the multi-city tour for their cover band “Mars Junction” which plays hits from Blink 182, The Killers and Rage Against The Machine.
The band’s billionaire frontmen (both immortalized by Armie Hammer in the film The Social Network) remade their image with a substantial bet on the bitcoin ecosystem years ago and while Gemini lags plenty of competitors, the exchange hit a $7.1 billion valuation last year, but lawsuits from investors and regulators teamed with layoffs could spell trouble ahead nonetheless.
Asbury Park, we’ll see you this thursday @WonderBarAP! Get tickets / rsvp your NFT > https://t.co/TbV9P2OKUH @cameron @tyler pic.twitter.com/D0PlEsouI1
— Mars Junction (@MarsJunction) June 6, 2022
High-flying valuations were a hallmark of the 2021 bull run for crypto during which unicorn startups were minted on a weekly basis as money dumped into the space even while consumer interest in web3 services seemed to grow more modestly. But as investors look at the public travails of Coinbase, startups that didn’t raise quite enough are about to see more hostile terms coming their way.
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