Gemini Co-Founder Accuses Digital Currency Group of Misrepresentation, Calls for CEO Resignation – Bitcoin News

Gemini CEO Cameron Winklevoss has posted another open letter on Twitter addressed to Digital Currency Group (DCG) board members. In the letter, Winklevoss accuses DCG and CEO Barry Silbert of making bad decisions with now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC) and claims DCG orchestrated a “campaign of lies” to defraud Gemini and Earn users. he thought everything was fine. Winklevoss is demanding that the DCG board remove Silbert from the CEO role because Gemini believes there is “no way forward” with Silbert in charge.

Gemini And Digital Currency Group Controversy Continues With Another Open Letter

About a week ago, News reported on an open letter written by Gemini cryptocurrency exchange co-founder Cameron Winklevoss to Digital Currency Group (DCG) CEO Barry Silbert. In the letter, Winklevoss urged Silbert to resolve liquidity issues between Gemini and DCG subsidiary Genesis Global Capital. Gemini CEO Winklevoss claimed DCG owed Genesis’ lending arm $1.675 billion. However, Silbert strongly disputed Winklevoss’s statements after the letter was made public.

“DCG did not borrow $1.675 billion from Genesis” Silbert he tweeted on time. “DCG has never missed an interest payment to Genesis and is current on all outstanding loans; the next repayment period of the loan is May 2023″. Following Silbert’s statement, Winklevoss continued to urge Silbert and DCG to take action, setting a deadline of January 8, 2023 for DCG to respond. It is unclear whether DCG or Silbert made any attempt to resolve the issue with the Twins, but an open letter to DCG’s board of directors indicates that no agreement was reached during that time.

Into open letter To DCG’s board members, Winklevoss claims that Genesis lent $2.36 billion to now-bankrupt crypto hedge fund Three Arrows Capital (3AC). According to Winklevoss, “Genesis was left with a loss of at least $1.2 billion” after the funds were liquidated. “At this point, Barry Silbert had two legal options: Restructure the Genesis loan book (in or out of bankruptcy court) or fill the $1.2 billion hole,” Winklevoss said. “He did neither.” The Gemini co-founder alleges that DCG and Genesis actively made “false statements and misrepresentations” about Genesis’ alleged hole and financial condition.

Winklevoss’s open letter insists:

They did this in an attempt to convince creditors that DCG had absorbed the huge losses Genesis had incurred from the collapse of Three Arrows Capital (3AC) and to encourage creditors to continue lending to Genesis. By lying, they hoped to buy time to dig themselves out of the hole they had created.

The Gemini co-founder’s open letter sparked significant backlash after it was made public on Twitter. However, as of this writing, Silbert, DCG’s executive director, had not responded to Winklevoss’ allegations as of the previous week. “It’s never a good sign when a CEO writes an open letter [third] The side where they operate at this level,” said one individual commented In Winklevoss’ letter to DCG board members. “Good luck to the everyday investors who are dealing with this. Hopefully, every responsible person who earns a high salary is responsible [and] it’s not a finger-pointing contest,” the individual added.

“Do you know there are courts these days? Go to court instead of these stupid tweets,” another person said he tweeted.

Tags in this story

$1.675 billion , 3AC , Lawsuits , bankruptcy , Barry Silbert , CEO , Crypto , Current , DCG , claims , Digital Currency Group , Dispute , Exchange , lie , financial situation , Gemini , Genesis Global Capital , hedge fund , Interest payments , Investors , Issues , Lawsuit , Liquidity , loan maturity , loans , loss , May 2023 , misrepresentations , missing , Open Letter , settlement , Liability , restructuring , derivative , Three Arrows Capital , Twitter

What do you think of Twins CEO Cameron Winklevoss’ open letter to DCG board members? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News at News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about disruptive protocols emerging today.

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