Saturday, April 13, 2013

The Winklevoss twins lost millions in the Bitcoin crash

    Cameron and Tyler Winklevoss, best known as those twins who repeatedly sued Mark Zuckerberg (claiming he had stolen their idea for Facebook), have now been revealed as massive Bitcoin speculators.

Since last summer, the New York Times’ Dealbook blog reports, the twins have been buying up the digital crypto-currency, currently in freefall. (A couple of days ago it reached $266 per bitcoin; today’s low is under $50.)

bitcoin chart
Thursday morning, when trading was stopped by Mt. Gox—the most popular Bitcoin exchange—at about $120, the Times estimated the Winklevoss’s Bitcoin fortune at $11 million. If that estimate is accurate, their holdings had reached a value of $24 million at the high point. Currently, it is worth a bit over $2 million. That means they’ve seen a loss of up to 92 percent of their investment.

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