Nifty Gateway co-founders are set to depart from their roles amid concerns of potential legal battles facing the platform’s parent company- Gemini.
Nifty Gateway is an NFT marketplace that was founded by Duncan Cock Foster and Griffin Cock Foster but sold to Gemini exchange in 2019.
The co-founders had worked with Gemini’s Cameron and Tyler Winklevoss over the last four years to develop the NFT marketplace.
In a Jan. 25 Twitter thread, Duncan disclosed that they would be resigning from their roles at Nifty Gateway.
“Even though we know when we sold Nifty Gateway, we would want to start another company at some point, I am still very sad that this time has come,’ Duncan added.
In the meantime, Duncan and Griffin have appointed Eddie Ma as Nifty Gateway’s Technical lead, while Tara Harris will serve as the leader for non-tech roles.
The Nifty Gateway co-founders said they will release a public roadmap for the platform’s future before finally departing the company.
Trouble in Gemini’s empire
Duncan and Griffin’s move to exit Nifty Gateway is coming at a point where Gemini is facing legal battles with Genesis Global.
Gemini co-founder Cameron Winklevoss has claimed that Genesis Trading owed over 340,000 Gemini Earn users about $900 million. However, Genesis’s bankruptcy filing revealed that Gemini is owed $765.9 million.
Cameron threatened to file a lawsuit against Genesis, Digital Currency Group, and its CEO Barry Silbert for allegedly conspiring to defraud Gemini Earn users.
At the moment, Gemini and Genesis are facing legal battles with the U.S. Securities and Exchange Commission (SEC) for allegedly selling unregistered securities.