A popular crypto analyst recently declared that Gemini (CRYPTO: GUSD) is not involved in any shady dealings — they're simply "losers."

What Happened: Ki Young Ju, co-founder of CryptoQuant, a crypto analysis platform, revealed that only $9 million Gemini is sitting on exchanges today.

Only $9M GUSD is sitting on exchanges today.

It's less likely that Gemini and $GUSD did do anything shady. NYDFS regulates them.

They're just losing users. On-chain data brutally unveils this desperate situation in real-time instead of SEC fillings.https://t.co/ZoQDaqC1Zs pic.twitter.com/XhOGzlq432

— Ki Young Ju (@ki_young_ju) January 10, 2023

He said that it is unlikely that they are involved in shady business as New York State Department of Financial Services regulates them.

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Cameron Winklevoss, co-founder and president of crypto exchange Gemini and Winklevoss Capital, has accused the Digital Currency Group (DCG) and its CEO Barry Silbert of fraudulent behavior. In an open letter sent on Tuesday to DCG and shared on Twitter, Winklevoss detailed what he sees as the DCG’s deceptive activities and asked for the immediate removal of Silbert from his post.

The letter comes shortly after Genesis, a subsidiary of DCG Group, announced it was cutting 30% of its staff in restructuring. Withdrawals remain frozen and Genesis has revealed it has $175 million in exposure to FTX.

Gemini is a crypto exchange that allows users to buy cryptocurrencies such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) among others.

Price Action: Bitcoin was trading at $18,223, up 4.64%, in the last 24 hours, according to Benzinga Pro data.

Read Next: FTX Says It Has Recovered Over $5B But Extent Of Customer Losses Unknown