Key Takeaways
- Gemini co-founder Cameron Winklevoss revealed an open letter addressed to the Digital Foreign money Group board at the moment.
- Winklevoss referred to as on the board to oust Barry Silbert as DCG CEO.
- He claimed Silbert “fastidiously crafted a marketing campaign of lies” round Genesis’ monetary well being to trick lenders into offering extra funds to the corporate.
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Gemini made a brand new transfer towards Digital Foreign money Group at the moment when co-founder Cameron Winklevoss referred to as on the corporate’s board to fireplace Barry Silbert.
“A Marketing campaign of Lies”
The stress between Gemini and DCG is reaching new ranges.
In an open letter revealed at the moment on Twitter, Gemini co-founder Cameron Winklevoss referred to as for the Digital Foreign money Group board to take away Barry Silbert as firm CEO.
Winklevoss accused Silbert, DCG, and Genesis of defrauding 340,000 Gemini Earn customers. In keeping with Winklevoss, the group made false statements about Genesis’ monetary well being and solvency as a way to induce lenders into offering new loans to the corporate.
The four-page letter provides a timeline of DCG’s supposed lies and misrepresentations, beginning with Genesis liquidating Three Arrows Capital in June 2022, which resulted in a $1.2 billion loss for the crypto lending firm. Winklevoss alleges that, beginning July, “Barry, DCG, and Genesis launched into a fastidiously crafted marketing campaign of lies to make Gemini, Earn customers, and different lenders imagine that DCG had injected $1.2 billion of precise assist into Genesis.”
That is the second time Winklevoss pens an open letter on the matter of Genesis and Gemini. On January 2 he accused Silbert of participating in “unhealthy religion stall ways” and of refusing to get in a room with Gemini representatives to resolve Genesis’ liquidity disaster.
Genesis is a crypto lending firm and a subsidiary of Digital Foreign money Group. The agency paused redemptions and new mortgage originations on November 16, citing “unprecedented market turmoil” as a result of FTX collapse. In consequence, Gemini was pressured to halt its Earn Program, which relied on Genesis to supply lending companies to Gemini clients. Winklevoss has beforehand claimed that Genesis owes Gemini Earn clients over $900 million.
Disclaimer: On the time of writing, the writer of this piece owned BTC, ETH, and a number of other different crypto belongings.
