Elizabeth Lopatto

Fidelity first reduced the value of its Twitter stake in November, to 44% of the purchase price. That was followed by further markdowns in December and February.

Ahead of those announcements, which usually resulted in an increase in the assets’ prices, Nikhil Wahi and Ramani allegedly purchased at least 25 crypto assets, at least nine of which were securities, and then typically sold them shortly after the announcements for a profit.

The SEC is suing Gemini as regulators crack down on the industry. The exchange’s market share has shrunk versus rivals even as crypto prices have rebounded. A banking partner wants to break up. And now this month, a crucial due date on a loan — that, if repaid by its bankrupt lending partner’s parent company, could help hundreds of thousands of Gemini customers recoup some of the $900 million worth of crypto deposits trapped in its defunct Earn product — has come and gone as negotiations on a resolution drag on.

Few are as intertwined in so many facets of the fast-moving industry as Mr. Hoffman. The 55-year-old sits on the boards of 11 tech companies including Microsoft, which has gone all in on A.I., and eight nonprofits. His venture capital firm, Greylock Partners, has backed at least 37 A.I. companies. He was among the first investors in OpenAI, the most prominent A.I. start-up, and recently left its board. He also helped found Inflection AI, an A.I. chatbot start-up that has raised at least $225 million.

A line that said “we believe crypto will define the next few decades” was removed from the home page, which now makes no mention of web3 or blockchains.