MoonPay and Gemini exchanged public jabs over leaked messages sent on X,
• Each of the companies accused the other of distorting their private conversations.
• MoonPay claimed it had onboarded thousands of former Gemini customers after the exchange exited the UK, EU and Australia earlier this year.
Shares of Gemini Space Station, Inc (GEMI) rose higher in pre-market despite accusations from the crypto payments company, MoonPay, which said that Gemini was circulating "fake MoonPay DMs for clout and clicks" on X.
GEMI stock was up over 3% in pre-market trading on Monday. On Stocktwits, retail sentiment around GEMI remained in the 'neutral' zone, while chatter stayed at 'low' levels over the past day.
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This comes after MoonPay said on Sunday that Gemini was posting "fake MoonPay DMs for clout and clicks." For "transparency," MoonPay posted what it said was the last direct message it "ever sent Gemini." It was a May 4 message which said, "Ever since you shut down operations in Australia, the UK and EU, we have been onboarding thousands of your former customers, so thank you for that".
Gemini responded with a second screenshot showing that MoonPay had sent another message just three minutes later with the words, "You here?" The post questioned MoonPay's statement about which DM was the last one sent.
The dispute stems from Gemini's decision earlier this year to wind down operations in the U.K., European Union and Australia, a move that prompted competitors, including MoonPay, to court displaced customers.
Gemini announced earlier this year that it would be closing down operations in the United Kingdom, European Union and Australia, effective April 6, 2026. Gemini has also cut 25% of its global workforce, affecting roughly 200 roles, as it re-focused on the US and prediction markets.
MoonPay later published a blog post during the transition, positioning itself as an alternative for affected customers. Sunday's exchange on X revived its claim that thousands of former Gemini customers had switched following the shutdown.
The public spat came as the exchange founded by the Winklevoss twins faced a rough patch on Wall Street. Truist Securities cut its price target on GEMI to $4.50 from $5.00 on Friday, maintaining a 'Hold' rating.