Key Takeaways
- Gemini co-founder Cameron Winklevoss revealed an open letter addressed to the Digital Foreign money Group board at present.
- 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 in opposition to Digital Foreign money Group at present when co-founder Cameron Winklevoss referred to as on the corporate’s board to fireside Barry Silbert.
“A Marketing campaign of Lies”
The stress between Gemini and DCG is reaching new ranges.
In an open letter revealed at present 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. Based on Winklevoss, the group made false statements about Genesis’ monetary well being and solvency in an effort to induce lenders into offering new loans to the corporate.
The four-page letter offers 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 help 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 “dangerous religion stall techniques” 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 prospects. Winklevoss has beforehand claimed that Genesis owes Gemini Earn prospects over $900 million.
Disclaimer: On the time of writing, the writer of this piece owned BTC, ETH, and several other different crypto belongings.
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