Legal Fight Between Winklevoss Twins and Charlie Shrem Over Bitcoins Settles

After a long-running legal battle, Tyler and Cameron Winklevoss have finally reached an agreement with Charlie Shrem to end a lawsuit the twins filed against the bitcoin entrepreneur last year. The development was divulged in court documents filed on April 16.

The twins, who founded the digital asset exchange Gemini, had accused Shrem of stealing five thousand Bitcoin (worth around $26.23 million at the time of reporting) and using the cryptocurrency to purchase powerboats, Maseratis, and other luxury goods. Notably, Shrem denied the aforementioned allegations, which dated back to 2012.

It is to be noted that attorneys for both parties have signed the document filed with a federal court in New York. The aforementioned document mentions that the entire civil action is being dismissed on their own volition. It further adds that the Shrem and Winklevoss Capital Fund will pay their own legal fees and costs. As a conclusion, the document mentions that the case will not be reopened.

In an earlier court document filed on April 5, both parties allegedly confirmed that they had reached a settlement. At the time, they were given thirty days to completely put their agreement into force, with an alternative of proceeding to trial if it was not fulfilled.

Subsequent to the case’s dismissal, Shrem allegedly told a crypto media outlet in a statement today that from day one, he has maintained the allegations are counterfeit. He added that after their attorney was sanctioned and they were ordered to pay my legal fees twice, they lately reached a confidential resolution and that he is dismissed from the case. He further added that he is thankful for Brian Klein and his legal team and pleased to have this case behind him.

According to previous media reports, a judge had ordered the Winklevoss twins to pay Shrem an amount of $45,000 after the District Court of the Southern District of New York decreased the scope of the twins’ claims.

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