Key Points:
- Duncan Cock Foster and Griffin Cock Foster, announced their resignations on January 25 in a Twitter thread. Their resignations took effect right away.
- Genesis Global allegedly owes $900 million to its subscribers as part of the Gemini Earn program after Genesis Global stopped withdrawals in November 2020 due to “exceptional market conditions.”
Co-founders of the nonfungible token (NFT) auction platform Nifty Gateway, Duncan Cock Foster and Griffin Cock Foster, announced their resignations on January 25 in a Twitter thread. Their resignations took effect right away.
Griffin and I are founders at heart, and we want to create another firm,” Duncan said in defense of their decision.
“When @Gemini acquired NG in 2019, Griffin and I said if everything went amazing and we loved it, we would stay for 4 years before starting another company. We ended up staying the max amount of time we originally thought possible, which shows how great this experience was!”
The decision was made in the midst of a legal dispute between Genesis Global, a defunct cryptocurrency lender, and Gemini, the parent company of Nifty Gateway. Genesis Global allegedly owes $900 million to its subscribers as part of the Gemini Earn program after Genesis Global stopped withdrawals in November 2020 due to “exceptional market conditions.”
Gemini purchased Nifty Gateway in 2019 after it was founded in 2018. Despite challenging business conditions at the parent company, Duncan claimed that Nifty Gateway “is in good hands” and that they had “been preparing for this transition for months.” Cameron and Tyler Winklevoss were “visionaries who identified the potential in NFTs well before nearly anyone else,” the author stated.
Nifty Gateway will prosper going forward under their direction. Eddie Ma will replace Tara Harris as the “technical leader” for Nifty Gateway during the changeover, and Tara Harris will take over as the “leader” for non-tech.
“We know that transitions can create uncertainty around the future. To that end, in the coming weeks, we will publicly outline a roadmap and a plan for the future of Nifty. After we depart we will stay connected to the mission in an advisory role to ensure continuity.”
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