1 year ago
Gemini co-founder Cameron Winklevoss accused Digital Currency Group (DCG) CEO Barry Silbert of atrocious religion tactics implicit the $900 cardinal indebtedness owed by Genesis trading to Earn users.
In a Jan. 2 unfastened letter, Winklevoss said Silbert employed stalling tactics and refused to conscionable stakeholders to resoluteness issues surrounding the situation.
The speech co-founder gave Silbert a Jan. 8 deadline to resoluteness the issues.
According to Winklevoss, DCG owes its subsidiary Genesis $1.675 billion. He added that portion of this indebtedness was Gemini Earn users’ funds.
Winklevoss said DCG utilized the indebtedness to “fuel greedy stock buybacks, illiquid task investments, and kamikaze Grayscale NAV trades that ballooned the fee-generating AUM of your Trust; each astatine the disbursal of creditors.”
Winklevoss added that Silbert was trying to firewall DCG from the occupation of its subsidiary Genesis, but helium noted that Genesis and DCG are beyond commingled.
Gemini halted withdrawals for its gain users connected Nov. 16 citing, “abnormal withdrawal requests.” Since then, the speech has formed an ad-hoc committee to resoluteness the issue.
Silbert responds
Barry Silbert responded that DCG did not get $1.675 cardinal from Genesis. He besides said DCG has nary outstanding indebtedness to Genesis, and the consequent indebtedness maturity is successful May 2023. Silbert added:
“DCG delivered to Genesis and your advisors a connection connected December 29 and has not received immoderate response.”
However, Winklevoss insists that DCG owes Genesis. Cameron told Silbert to halt pretending that helium and DCG were “innocent bystanders and had thing to bash with creating this mess.” He further asked however DCG owes Genesis $1.675 cardinal if it didn’t get the money.
Financial expert Ram Ahluwalia noted that DCG could look bankruptcy arsenic it lone takes 3 Earn creditors to initiate an involuntary bankruptcy petition.
The station Digital Currency Group gets Jan. 8 deadline to resoluteness Gemini gain issues appeared archetypal connected CryptoSlate.
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