Gemini, the US-based cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss, has received a $100 million personal loan from the twins, according to a Bloomberg report on April 10. The loan comes after the exchange’s attempts to raise funds from outside investors failed.

Regulatory scrutiny has been mounting on Gemini in recent months. In January, the Securities and Exchange Commission (S.E.C.) charged the exchange and Genesis Global Capital with offering unregistered securities through the exchange’s Earn program. Meanwhile, New York’s Department of Financial Services has also reportedly been investigating the exchange.

Despite these regulatory hurdles, Tyler Winklevoss has defended the exchange’s activities, claiming that the S.E.C. charges were a “manufactured parking ticket” and that Gemini had been in talks with the regulator for over a year prior to the enforcement action.

Gemini has also faced internal challenges, with the exchange laying off 10% of its workforce in January and its chief operating officer (CEO) leaving for Binance.

The fallout from FTX’s collapse in November 2022 also had a significant impact on Gemini, as its sole partner on its Gemini Earn lending product had been Genesis Global. When Genesis suspended withdrawals, Gemini was forced to pause redemptions on Earn accounts, stranding $900 million in customer funds.

This sparked a feud between the Winklevoss twins and Barry Silbert, CEO of Digital Currency Group, Genesis’ parent company. However, the two parties reached a preliminary agreement to settle the dispute in February, under which Gemini would contribute up to $100 million.

The collapse of FTX has also had wider implications for the crypto industry, with venture funding for crypto startups plummeting by 80% to $2.4 billion in the first quarter compared to the same period last year.