Gemini Co-Founder Accuses Digital Currency Group of Misrepresentation, Demands CEO Resignation

Gemini CEO Cameron Winklevoss has published different unfastened missive connected Twitter, addressed to the committee members of Digital Currency Group (DCG). In the letter, Winklevoss accuses DCG and CEO Barry Silbert of making mediocre decisions with the now-defunct crypto hedge money Three Arrows Capital (3AC), and claims that DCG orchestrated a “campaign of lies” successful bid to deceive Gemini and Earn users into reasoning everything was fine. Winklevoss is demanding that the DCG committee region Silbert from his relation arsenic CEO, arsenic Gemini believes “there is nary way forward” with Silbert successful charge.

Gemini and Digital Currency Group Dispute Continues With Another Open Letter

About a week ago, Bitcoin.com News reported connected an unfastened missive from Cameron Winklevoss, co-founder of the Gemini crypto exchange, to Digital Currency Group (DCG) CEO Barry Silbert. In the letter, Winklevoss called connected Silbert to code liquidity issues betwixt Gemini and DCG subsidiary steadfast Genesis Global Capital. Winklevoss, the Gemini executive, alleged that DCG owes $1.675 cardinal to Genesis’ lending arm. However, Silbert powerfully disputed Winklevoss’s statements aft the missive was made public.

“DCG did not get $1.675 cardinal from Genesis,” Silbert tweeted astatine the time. “DCG has ne'er missed an involvement outgo to Genesis and is existent connected each loans outstanding; the adjacent indebtedness maturity is May 2023.” After Silbert’s statement, Winklevoss continued to telephone connected Silbert and DCG to instrumentality action, and acceptable a deadline for DCG to respond by Jan. 8, 2023. It’s unclear whether DCG oregon Silbert made immoderate attempts to resoluteness the contented with Gemini, but the unfastened missive sent to DCG’s committee suggests that nary agreements were reached during that clip frame.

Earn Update: An Open Letter to the Board of @DCGco pic.twitter.com/eakuFjDZR2

— Cameron Winklevoss (@cameron) January 10, 2023

In the open letter to the committee members of DCG, Winklevoss alleges that Genesis loaned $2.36 cardinal to the now-bankrupt crypto hedge money Three Arrows Capital (3AC). According to Winklevoss, aft the funds were reportedly liquidated, “Genesis was near with a nonaccomplishment of astatine slightest $1.2 billion.” “At this point, Barry Silbert had 2 morganatic options: restructure the Genesis indebtedness publication (inside oregon extracurricular of bankruptcy court) oregon capable the $1.2 cardinal hole,” Winklevoss opined. “He did neither.” The Gemini co-founder claims that DCG and Genesis actively made “false statements and misrepresentations” regarding the expected spread and fiscal concern of Genesis.

Winklevoss’s unfastened missive insists:

They did truthful successful an effort to mislead lenders into believing that DCG had absorbed monolithic losses that Genesis incurred from the Three Arrows Capital (3AC) illness and induce lenders to proceed making loans to Genesis. By lying, they hoped to bargain clip to excavation themselves retired of the spread they created.

The unfastened missive from the Gemini co-founder generated a important effect aft it was made nationalist connected Twitter. As of the clip of writing, however, Silbert, an enforcement with DCG, has not responded to Winklevoss’s allegations arsenic helium did the erstwhile week. “It’s ne'er a bully motion erstwhile a CEO writes an unfastened missive to a [third] enactment with whom they are transacting astatine this level,” 1 idiosyncratic commented connected Winklevoss’s missive to the DCG committee members. “Good luck to the mundane investors caught up successful this. Hopefully, each high-paid idiosyncratic accountable takes work [and] it’s not a finger-pointing contest,” the idiosyncratic added.

“Do you cognize that determination are courts these days? Just record a suit alternatively of these anserine letters connected Twitter,” different idiosyncratic tweeted.

What bash you deliberation astir Gemini CEO Cameron Winklevoss’ unfastened missive to DCG committee members? Let america cognize what you deliberation astir this taxable successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.