Twin bitcoin billionaires Tyler and Cameron Winklevoss are preparing for another courtroom battle, suing a Hollywood porn magazine which features nude celebrities and topless models.
The duo have launched a lawsuit against Steve Shaw, the owner and publisher of Treats! magazine, claiming he frittered away part of their $1.3million investment in the publication on his ‘extravagant lifestyle’, reports Page Six.
An erotica and fine arts magazine, Treats! featured Emily Ratajkowski in her first nude pictorial, and has included raunchy photos of an array of stars including Ireland Baldwin, Dylan Penn and heiress Lydia Hearst.
Tyler (left) and Cameron Winklevoss attend the Treats! magazine annual Halloween party at a private residence on October 31, 2012 in Los Angeles, California
Tyler Winklevoss and Treats! owner Steve Shaw (right) at the Treats! party
Treats! magazine owner and publisher Steve Shaw with Nalia Nazer at the Trick or Treats! 2015 party at Moorea Beach Club at the Delano hotel on October 31, 2015 in Las Vegas, Nevada
The twins have alleged that Shaw mismanaged the company and used it as a source of ready cash, before trying to ‘strong-arm’ them into selling him their shares in the magazine for ‘pennies on the dollar’ when they objected.
While Treats! is supposed to be a quarterly publication, the Winklevosses say Shaw has only managed to publish a couple of editions each year as just 12 issues have been published since launching in 2011.
In their suit, the brothers explain they started investing in the magazine in 2012, but after five years, became aware that Shaw had ‘mismanaged [their] investment and squandered their funds that were entrusted to the company, under Shaw’s direction.’
Model Emily Ratajkowski arrives at the Treats! magazine Spring issue party on May 10, 2012 in Beverly Hills, California
Furthermore, they alleged, Shaw had made ‘frivolous’ legal threats against them and ‘falsely claimed [they had] made promises to undertake specific acts to market and promote Treats!’
Tyler and Cameron Winklevoss, popularly known as ‘The Winklevii,’ rose to notoriety during an epic legal battle in which they accused Facebook founder Mark Zuckerberg of stealing their social network idea.
The twins walked away from their 2004 suit against Zuckerberg with a staggering $65million settlement, and used $11million of it to purchase bitcoins.
They became the world’s first bitcoin billionaires after investing and reaping a 10,000 per cent rise in the cryptocurrency.