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Former Gemini Executives Faced Criminal Investigation in 2022: Report

Two former executives at crypto exchange Gemini were probed as part of a now-closed criminal investigation related to the first US Bitcoin [BTC] futures contract, which was debuted by the exchange. The investigation revolved around the civil case filed against the exchange by the Commodity Futures Trading Commission (CFTC) in June 2022.

According to a report by Bloomberg, regulators had accused Gemini of misleading authorities about its ability to prevent manipulation in Bitcoin prices. These prices were used as a reference for the derivatives based on BTC. 

The two former executives, Benjamin Small and Shane Molidor, were subpoenaed by the office of the U.S. Attorney for the Southern District of New York. As part of the criminal probe, their company-issued laptops were handed over to federal prosecutors. Prosecutors returned the laptops to Gemini after a lengthy inquiry, and no criminal charges were filed.

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