The billionaire Winklevoss twins, founders of cryptocurrency company Gemini, have their money back.

The billionaire Winklevoss twins, founders of cryptocurrency company Gemini, have been refunded after their Bitcoin donations to Donald Trump’s presidential campaign exceeded the maximum amount allowed under federal law.

According to a Bloomberg report, the portion over the legal limit was refunded to donors, citing a campaign official who spoke on condition of anonymity to discuss the matter.

Why refund?

The twins each announced donations totaling $2 million in bitcoin in posts on the social networking site.

It is unclear whether the Trump 47 committee, which accepted bitcoin donations and generally focuses on large shareholders, returned the amount in bitcoin or converted it to its cash equivalent value.

According to the report, the donated money was split between the former president’s campaign, the leadership political action committee that pays his legal fees, the Republican National Committee and 42 state GOP-affiliated committees.

about: Gemini launches campaign finance initiative for pro-crypto candidates

Trump’s acceptance of a Bitcoin donation is consistent with a burgeoning relationship between his campaign and the cryptocurrency industry, a major player in the 2024 elections. Investors and their allies are rallying behind candidates who promise a lighter regulatory authority.

Twins Wallpaper

The Winklevoss brothers reportedly attended a fundraiser for Trump in June, costing $300,000 per person. They also donated nearly $5 million to the Fairshake political action committee and its affiliates, which are responsible for offensive ads against lawmakers and support for some Democratic and Republican candidates.

Many users of the Gemini cryptocurrency exchange, founded by the twins, have spent months trying to recoup the money they invested in Gemini Earn, a program aimed at getting a return on crypto assets -currency managed in collaboration with Genesis, now bankrupt.

However, users can now recover their assets in kind. Last week, New York Attorney General Letitia James said she had recovered about $50 million from Gemini for users who had been “defrauded.”

Gemini agreed in February to return at least $1.1 billion to its Genesis bankruptcy customers as part of a settlement with the New York Department of Financial Services. The SEC sued Gemini and Genesis over Gemini Earn early last year; Genesis settled the charges.

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