Winklevoss claims Silbert defrauded Gemini Compose customers by making wrong statements about Genesis’ monetary nicely being.
Key Takeaways
- Gemini co-founder Cameron Winklevoss published an commence letter addressed to the Digital Currency Group board this day.
- Winklevoss known as on the board to oust Barry Silbert as DCG CEO.
- He claimed Silbert “carefully crafted a campaign of lies” around Genesis’ monetary nicely being to trick lenders into providing extra funds to the firm.
Gemini made a brand new transfer against Digital Currency Group this day when co-founder Cameron Winklevoss known as on the firm’s board to fireplace Barry Silbert.
“A Marketing campaign of Lies”
The stress between Gemini and DCG is reaching new levels.
In an commence letter published this day on Twitter, Gemini co-founder Cameron Winklevoss known as for the Digital Currency Group board to take Barry Silbert as firm CEO.
Winklevoss accused Silbert, DCG, and Genesis of defrauding 340,000 Gemini Compose customers. Per Winklevoss, the neighborhood made wrong statements about Genesis’ monetary nicely being and solvency in notify to induce lenders into providing new loans to the firm.
The four-web page letter affords a timeline of DCG’s supposed lies and misrepresentations, starting 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, starting July, “Barry, DCG, and Genesis launched into a carefully crafted campaign of lies to assemble Gemini, Compose customers, and other lenders take into accout that DCG had injected $1.2 billion of accurate enhance into Genesis.”
Here’s the 2nd time Winklevoss pens an commence letter on the matter of Genesis and Gemini. On January 2 he accused Silbert of enticing in “cross faith stall ways” and of refusing to accept in a room with Gemini representatives to accept to the underside of Genesis’ liquidity disaster.
Genesis is a crypto lending firm and a subsidiary of Digital Currency Group. The agency paused redemptions and new mortgage originations on November 16, citing “unprecedented market turmoil” attributable to the FTX give map. Which potential, Gemini used to be compelled to discontinuance its Compose Program, which relied on Genesis to offer lending services to Gemini customers. Winklevoss has previously claimed that Genesis owes Gemini Compose customers over $900 million.
Disclaimer: At the time of writing, the author of this half owned BTC, ETH, and several other other crypto assets.
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