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Winklevoss Twins and Charlie Shrem Reach an Out-Of-Court Settlement

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Winklevoss Twins Shrem

The Winklevoss Twins have withdrawn a lawsuit against Charlie Shrem. Cameron and Tyler Winklevoss, famous for their extensive investments in crypto, have agreed to settle the matter out of court. This follows a long battle over 5,000 bitcoins that were sold to Mr. Shrem.

According to court documents from April 16th, the case has now been closed. The papers are sealed and the case dismissed. The papers also indicated that the plaintiff and the defendant will bear their own legal costs.

The accusation of Stealing $26 million worth of Bitcoins

The Twins alleged that in 2012, they sold bitcoins worth $26 million to Charlie Shrem, back in 2012. In addition to that, the Twins alleged that Shrem splurged on luxury items like speedboats and Maserati cars after the transaction. Charlie Shrem denied all the allegations, saying that he was innocent.

Per Shrem,

From day one, I’ve maintained the allegations are bogus, and they are of course. After their attorney was sanctioned and they were ordered to pay my legal fees twice, we recently reached a confidential resolution, and I’m dismissed from the case.

His statement indicated that the main reason for the out-of-court settlement due to the lack of traction of the case. He expressed gratitude that his legal team had worked towards this seemingly favorable resolution. Mr. Shrem has had fallings-out with the law before.

Previously, the District Court of New York ordered the Winklevoss Twins to pay Shrem about $45,000 after the court established that the scope of their claims was not as extensive as they made it out to be.

According to notes from the settlements, the previous amendment of the ruling allowed either of the parties to reopen the case within the next 30 days. This latest ruling made a provision that there should be no further opening of the case.

The Winklevoss Twins

The brothers were among the first people who invested heavily in Bitcoin. Their holdings enabled the duo to become the first crypto billionaires. They have previously stated that the coin might rise and rival gold as a valuable asset. However, for the current number of bitcoins to hit the market cap of gold at $7 trillion, each coin would need to be $333,000. For now, it is clearly still a long shot.

The Twins have launched the Gemini exchange to help investors buy and sell crypto.

Do you think the out-of-court settlement compels Charlie Shrem to pay anything to the twins? Let us know in the comment section below!

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