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

Gemini CEO Cameron Winklevoss has revealed one other open letter on Twitter, addressed to the board members of Digital Currency Group (DCG). In the letter, Winklevoss accuses DCG and CEO Barry Silbert of creating poor selections with the now-defunct crypto hedge fund Three Arrows Capital (3AC), and claims that DCG orchestrated a “campaign of lies” with the intention to deceive Gemini and Earn customers into pondering all the things was fantastic. Winklevoss is demanding that the DCG board take away Silbert from his position as CEO, as Gemini believes “there is no path forward” with Silbert in cost.

Gemini and Digital Currency Group Dispute Continues With Another Open Letter

About per week in the past, Bitcoin.com News reported on an open letter from Cameron Winklevoss, co-founder of the Gemini crypto change, to Digital Currency Group (DCG) CEO Barry Silbert. In the letter, Winklevoss known as on Silbert to handle liquidity issues between Gemini and DCG subsidiary agency Genesis Global Capital. Winklevoss, the Gemini govt, alleged that DCG owes $1.675 billion to Genesis’ lending arm. However, Silbert strongly disputed Winklevoss’s statements after the letter was made public.

“DCG did not borrow $1.675 billion from Genesis,” Silbert tweeted on the time. “DCG has never missed an interest payment to Genesis and is current on all loans outstanding; the next loan maturity is May 2023.” After Silbert’s assertion, Winklevoss continued to name on Silbert and DCG to take motion, and set a deadline for DCG to reply by Jan. 8, 2023. It’s unclear whether or not DCG or Silbert made any makes an attempt to resolve the problem with Gemini, however the open letter despatched to DCG’s board means that no agreements have been reached throughout that time-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 board members of DCG, Winklevoss alleges that Genesis loaned $2.36 billion to the now-bankrupt crypto hedge fund Three Arrows Capital (3AC). According to Winklevoss, after the funds have been reportedly liquidated, “Genesis was left with a loss of at least $1.2 billion.” “At this point, Barry Silbert had two legitimate options: restructure the Genesis loan book (inside or outside of bankruptcy court) or fill the $1.2 billion hole,” Winklevoss opined. “He did neither.” The Gemini co-founder claims that DCG and Genesis actively made “false statements and misrepresentations” concerning the supposed gap and monetary state of affairs of Genesis.

Winklevoss’s open letter insists:

They did so in an effort to mislead lenders into believing that DCG had absorbed large losses that Genesis incurred from the Three Arrows Capital (3AC) collapse and induce lenders to proceed making loans to Genesis. By mendacity, they hoped to purchase time to dig themselves out of the outlet they created.

The open letter from the Gemini co-founder generated a major response after it was made public on Twitter. As of the time of writing, nevertheless, Silbert, an govt with DCG, has not responded to Winklevoss’s allegations as he did the earlier week. “It’s never a good sign when a CEO writes an open letter to a [third] party with whom they are transacting at this level,” one particular person commented on Winklevoss’s letter to the DCG board members. “Good luck to the everyday investors caught up in this. Hopefully, every high-paid person accountable takes responsibility [and] it’s not a finger-pointing contest,” the person added.

“Do you know that there are courts these days? Just file a lawsuit instead of these stupid letters on Twitter,” one other individual tweeted.

What do you consider Gemini CEO Cameron Winklevoss’ open letter to DCG board members? Let us know what you consider this topic within the feedback part beneath.