Winklevoss Twins Settle Lawsuit Against Charlie Shrem

The lawsuit involved the fate of 5,000 Bitcoins worth $26.1 million.

The Winklevoss twins have ended a lawsuit against Bitcoin entrepreneur Charlie Shrem by reaching a settlement out of court.

According to the court documents published on April 16, the case has been dismissed and will not be reopened. The legal papers also outlined that both parties will bear their own legal cost.

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“Pursuant to Rule 41(a) of the Federal Rules of Civil Procedure, it is hereby stipulated by and among plaintiff Winklevoss Capital Fund, LLC and defendant Charles Shrem, by and through their respective counsel of record, that the entire civil action be dismissed with prejudice,” the New York court document noted. “WCF and Shrem will each bear their own attorneys’ fees and costs. The case will not be reopened.”

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Flashback

Last year, Cameron and Tyler Winklevoss filed a lawsuit against Shrem accusing him of defrauding them of 5,000 Bitcoins.

According to the suit, Shrem allegedly accepted a total of $1 million from the brothers in 2012 and did not deliver Bitcoins worth the full value. He was also accused of using the funds for buying luxury cars, powerboats, and other expensive goods.

A previous court document from April 5 confirmed a settlement between the two parties, however, that provided the plaintiff and the defender had an option to reopen the case within 30 days.

The Winklevoss brothers are one of the early investors in Bitcoin. At the peak of the market, they became the first crypto billionaires, however, the value of their holdings was significantly reduced due to the year-long bear market. They are also operating a crypto exchange in New York which is focused on the trading needs of institutional investors.

Meanwhile, a former Kraken employee filed a lawsuit against the crypto exchange for not paying him the agreed compensation.

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