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Crypto Crash Widens Divide Between Rich and Amateur Traders



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ENGLEWOOD, Colo. — The cryptocurrency market was in ruins. But Tyler and Cameron Winklevoss were jamming.The billionaire twins, best known for their supporting role in the creation of Facebook, twirled and shimmied across the stage with their new cover band, Mars Junction, at a concert venue outside Denver last week, the latest stop on a coast-to-coast tour. They belted out hits like the Killers’ “Mr. Brightside” and Journey’s “Don’t Stop Believin’.” Tickets cost $25.The Winklevosses were moonlighting as rockers just weeks after their $7 billion company, Gemini, which offers a platform for buying and selling digital currencies, laid off 10 percent of its staff. Since early May, more than $700 billion has been wiped out in a devastating crypto crash, plunging investors into financial ruin and forcing companies like Gemini to slash costs.“Constraint is the mother of innovation and difficult times are a forcing function for focus,” the Winklevosses, who are 40, said in a note this month about the layoffs.Cryptocurrencies have long been held up as a vehicle for economic empowerment. Enthusiasts promote the digital coins — which are exchanged using networks of computers that verify transactions, …

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