In a Twitter thread posted on Jan. 25, Duncan Cock Foster and Griffin Cock Foster, co-founders of non-fungible token (NFT) auction platform Nifty Gateway, announced their resignations effective immediately. Supporting the decision, Duncan said they were leaving because “Griffin and I are founders at heart and we want to start another company.”

“When @Gemini acquired NG in 2019, Griffin and I said if all went well and we loved it, we would stay for 4 years before starting another company. We ended up staying the maximum amount of time we originally thought possible, which just goes to show how great this experience was!”

The move comes amid a legal battle between Nifty Gateway’s parent company Gemini and bankrupt cryptocurrency lender Genesis Global. Gemini alleges that the latter owes its users $900 million as part of its Gemini Earn program after Genesis Global halted withdrawals. due to “unprecedented market conditions” in November 2020.

Nifty Gateway was founded in 2018 and acquired by Gemini in 2019. Despite difficult business conditions at the parent company, Duncan said they have been “preparing for this transition for months” and that Nifty Gateway “is in good hands.” He wrote: “Cameron [Winklevoss] and Tyler Winklevoss are visionaries who saw the potential of NFTs long before anyone else. Under his leadership, Nifty Gateway will continue to prosper.” As part of the transition, Eddie Ma will take over as “technical lead” for Nifty Gateway, while Tara Harris will take over as “lead” for non-tech.

“We know that transitions can create uncertainty about the future. To that end, in the coming weeks, we will publicly outline a roadmap and 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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