Duncan Cock Foster and Griffin Cock Foster, both co-founders of non-fungible token (NFT) auction platform Nifty Gateway, announced their resignations in a thread posted on Twitter on Jan. 25. Your departure is effective immediately.

In an attempt to justify his departure, Duncan said that “Griffin and I are entrepreneurs at heart and we want to create another company.” “When @Gemini bought NG in 2019, Griffin and I agreed that if all went well and we were happy with our new roles, we would each stay for a total of four years before launching a new company.

The fact that we stayed as long as we had anticipated is proof of how enjoyable this trip was.”

This decision was made amid a legal dispute between Gemini, the parent company of Nifty Gateway, and Genesis Global, a cryptocurrency lender that has since gone bankrupt.

After Genesis Global halted withdrawals in November 2020 due to “extraordinary market circumstances,” Gemini claims Genesis Global owes its members $900 million as part of the Gemini Earn program offered by Gemini. Gemini is suing Genesis Global.

I have some news to share: after almost four years, my colleague @gcockfoster and I have decided to leave @gemini and pass the torch to @niftygateway.

This journey has been an incredible adventure, but Griffin and I are entrepreneurs at heart and want to launch another successful business together.

Duncan said that despite the parent company’s difficult financial situations, they have been “preparing for this transition for months” and that Nifty Gateway “is in excellent hands.”

In his writing, “Cameron and his brother Tyler Winklevoss are visionaries who saw the potential of NFTs long before anyone else. Nifty Gateway will continue to thrive thanks to the leadership provided by them.“

As part of the change, Eddie Ma will assume the role of “technical lead” for Nifty Gateway, while Tara Harris will assume the role of “lead” for non-tech operations. “It is common knowledge that transitions can create a greater sense of unpredictability about the future.

To that end, in the coming weeks, we will provide the general public with a roadmap and strategy for the development of the future of Nifty.

To ensure the smooth continuation of the mission after our departure, we want to maintain a connection with her in an advisory capacity.”