Gemini’s Cameron Winklevoss Insists Digital Currency Group Needs to Resolve Liquidity Issues in Open Letter to CEO Barry Silbert

Cameron Winklevoss, co-founder of the cryptocurrency speech Gemini, published an unfastened missive to Digital Currency Group (DCG) CEO Barry Silbert connected Jan. 2, 2022, stating that it had been 47 days since withdrawals from Genesis had been halted. In the letter, Winklevoss claimed that DCG owes $1.675 cardinal to Genesis. Silbert, however, responded connected societal media, denying the claim.

Gemini Co-Founder Publishes Open Letter to DCG Chief Executive Barry Silbert Demanding He Resolves Liquidity Issues by Jan. 8, 2023

Gemini co-founder Cameron Winklevoss shared an unfastened missive connected Twitter connected Monday successful hopes to get Digital Currency Group (DCG) CEO Barry Silbert’s attention. Winklevoss says successful the missive that helium wrote it connected behalf of 340,000 Gemini Earn users. “These users are not conscionable numbers connected a spreadsheet, they are existent people,” Winklevoss declared. Basically, Gemini offered Earn users arsenic overmuch arsenic 8% involvement connected circumstantial integer assets and it managed to bash truthful due to the fact that Genesis Global Capital’s lending limb was a cardinal partner.

Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/kouAviTho4

— Cameron Winklevoss (@cameron) January 2, 2023

However, the FTX contagion dispersed to Genesis, a creditor successful the FTX bankruptcy proceedings, and the company’s lending portion halted withdrawals and indebtedness originations successful mid-Nov. 2022. While Genesis was a cardinal spouse for Gemini’s Earn product, it excessively paused withdrawals the aforesaid week. Then the Financial Times (FT) published a report that alleged Genesis owed Gemini Earn users $900 million. Gemini besides formed a creditors committee to retrieve the funds from Genesis with Houlihan Lokey arsenic a fiscal advisor.

Additionally, upset customers are preparing a imaginable class enactment lawsuit against Gemini that alleges the speech of defrauding customers with a atrocious deal. In the unfastened letter, Winklevoss claims that his squad tried to lick the contented with Silbert connected aggregate occasions and connected Dec. 25, 2022. The missive says that the contented is simply a messiness “entirely of your ain making,” arsenic Winklevoss accuses DCG of owing Genesis $1.675 billion.

“Every clip we inquire you for tangible engagement, you fell down lawyers, concern bankers, and process,” the Gemini co-founder explained successful the letter. Winklevoss further insisted that the funds were utilized to “fuel greedy stock buybacks, illiquid task investments, and kamikaze Grayscale NAV trades.” The Gemini co-founder further added:

It’s not mislaid connected america that you’ve been moving desperately to effort and firewall DCG from the problems that you created astatine Genesis. You should dispense with this fabrication due to the fact that we each cognize what you cognize — that DCG and Genesis are beyond commingled.

After Winklevoss published his tweet, the DCG CEO responded to the claims that were made. “DCG did not get $1.675 cardinal from Genesis,” Silbert tweeted. “DCG has ne'er missed an involvement outgo to Genesis and is existent connected each loans outstanding; adjacent indebtedness maturity is May 2023. DCG delivered to Genesis and your advisors a connection connected December 29th and has not received immoderate response.”

Winklevoss past asked the DCG enforcement if helium would “commit to solving this by January 8th successful a mode that treats the $1.1 cardinal promissory enactment arsenic $1.1 billion.” Silbert did not respond to Winklevoss’ last tweet astir committing to a solution by that day. The unfastened missive to Silbert besides demands that the contented gets resolved by Jan. 8, 2022.

The DCG executive’s past tweet connected Dec. 19, 2022, shared an article astir the DCG subsidiary Grayscale Investments perchance providing investors with a tender offer if the Bitcoin Trust’s exchange-traded money (ETF) goals failed. In that circumstantial tweet, idiosyncratic asked Silbert however helium was doing, and the DCG CEO responded:

Looking guardant to getting this twelvemonth down us.

What bash you deliberation astir the issues betwixt Gemini’s co-founder Cameron Winklevoss and Barry Silbert implicit liquidity issues betwixt Gemini and Genesis? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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