Gemini Co-Founder Accuses Digital Currency Group of Misrepresentation, Demands CEO Resignation – Bitcoin News
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Gemini CEO Cameron Winklevoss has posted another open letter to the Digital Currency Group (DCG) board members on Twitter. In the letter, Winklevoss accuses DCG and CEO Barry Silbert of bad decisions with now-defunct crypto hedge fund Three Arrows Capital (3AC) and claims that DCG orchestrated a “campaign of lies” to trick Gemini and Earn users into thinking everything was fine. Winklevoss is demanding that the DCG board remove Silbert from his CEO role because Gemini believes there is “no way forward” with Silbert at the helm.
The dispute between the twins and the digital currency group continues with another open letter
About a week ago, Bitcoin.com News reported on an open letter from Gemini crypto exchange founder Cameron Winklevoss to Digital Currency Group (DCG) CEO Barry Silbert. In the letter, Winklevoss directed Silbert to address liquidity issues between Gemini and DCG subsidiary Genesis Global Capital. Winklevoss, a Gemini executive, claimed that DCG owes $1.675 billion to Genesis’ lending arm. However, Silbert strongly denied Winklevoss’s statements after the letter was made public.
“DCG didn’t borrow $1.675 billion from Genesis,” Silbert tweeted at the moment. “DCG has never missed an interest payment to Genesis and is up to date on all outstanding loans; the next loan period is in May 2023.” After Silbert’s statement, Winklevoss continued to urge Silbert and DCG to take action and set a deadline for DCG to respond by January 8, 2023. It is unclear whether DCG or Silbert attempted to resolve the issue with Gemini, but open DCG A letter sent to the government of
Earn an upgrade: an open letter to the government @DCGco pic.twitter.com/eakuFjDZR2
– Cameron Winklevoss (@cameron) January 10, 2023
In the year open the letter To DCG board members, Winklevoss claims Genesis loaned $2.36 billion to now-bankrupt crypto hedge fund Three Arrows Capital (3AC). According to Winklevoss, “Genesis was left with losses of at least $1.2 billion after the funds were declared in liquidation.” “At this point, Barry Silbert had two legitimate options: restructure the Genesis loan book (in or out of bankruptcy court) or fill the $1.2 billion hole,” Winklevoss said. “He did neither.” Gemini’s co-founder alleges that DCG and Genesis actively made “false statements and misrepresentations” about Genesis’ supposed gap and financial condition.
Winklevoss’ open letter demands:
They did so in an attempt to mislead lenders into believing that DCG had absorbed the huge losses Genesis incurred from the collapse of Three Arrows Capital (3AC) and to induce lenders to continue lending to Genesis. By lying, they hoped to buy time to dig themselves out of the hole they had created.
The Gemini founder’s open letter sparked significant backlash after it was posted on Twitter. However, at the time of writing, Silbert, director of DCG, has not responded to Winklevoss’ claims as he did last week. “It’s never a good sign when the CEO writes an open letter a [third] party they trade with at this level,” one person comment From Winklevoss’s letter to DCG board members. “Congratulations to the everyday investors who are involved in this. I hope every high paid person in charge will bear the responsibility [and] it’s not a finger-pointing contest,” the person added.
“You know there are courts these days? Just file a lawsuit instead of these stupid twitter letters,” another person tweeted.
What do you think of Gemini CEO Cameron Winklevoss’ open letter to DCG board members? Let us know what you think about this topic in the comment section below.
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