key takeaways
- Gemini co-founder Cameron Winklevoss today published an open letter addressed to the board of Digital Currency Group.
- Winklevoss asked the board to remove Barry Silbert as CEO of DCG.
- He claimed that Silbert “carefully crafted a campaign of lies” around the financial health of Genesis in order to mislead lenders into providing more funding to the company.
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Gemini made a new move against Digital Currency Group today when co-founder Cameron Winklevoss called on the company’s board of directors to fire Barry Silbert.
“A campaign of lies”
The tension between Gemini and DCG is reaching new levels.
in an open letter published On Twitter today, Gemini co-founder Cameron Winklevoss called on the Digital Currency Group board to remove Barry Silbert as CEO of the company.
Winklevoss accused Silbert, DCG and Genesis of defrauding 340,000 Gemini Earn users. According to Winklevoss, the group made false statements about the financial health and solvency of Genesis to induce lenders to make new loans to the company.
The four-page letter offers a timeline of DCG’s alleged lies and misrepresentations, beginning with Genesis’ June 2022 liquidation of Three Arrows Capital, resulting in a $1.2 billion loss for the company. of crypto loans. Winklevoss alleges that, beginning in July, “Barry, DCG, and Genesis embarked on a carefully crafted campaign of lies to make Gemini, Earn users, and other lenders believe that DCG had pumped $1.2 billion of real support into Genesis.” “.
This is the second time Winklevoss has written an open letter on the subject of Genesis and Gemini. On January 2 the accused Silbert of engaging in “bad faith deadlock tactics” and refusing to enter a room with Gemini representatives to resolve the Genesis liquidity crisis.
Genesis is a crypto lending company and a subsidiary of Digital Currency Group. the signature Paused redemptions and new loan originations on November 16, citing “unprecedented market turmoil” due to the FTX collapse. As a result, Gemini was forced to halt its Earn program, which relied on Genesis to provide loan services to Gemini customers. Winklevoss has previously claimed that Genesis owes Gemini Earn clients more than $900 million.
Disclaimer: At the time of writing, the author of this article owned BTC, ETH, and various other crypto assets.
