The Winklevoss twins accused Barry Silbert, DCG, and cryptocurrency brokerage Genesis of fraud.
In a letter to DCG's board, Gemini co-founder Cameron Winklevoss asked Silbert to step down as CEO.
DCG recently published a detailed Q&A in which they stated that they had no affiliation with Three Arrows Capital (3AC).
Letter to DCG board members on Twitter. Winklevoss accused DCG and its CEO Barry Silbert of making a mistake and investing $1.2 million in 3AC.
The Winklevoss twins have also accused DCG of "misrepresenting" their alleged financial and overall position at Genesis. However, DCG has responded to Cameron Winklevoss, claiming that this is a "desperate and unconstructive publicity attempt" by him. The DCG noted that the move was performed to divert attention away from Gemini.
The Digital Currency Group noted that Cameron and Gemini are entirely responsible for running the Gemini Earn product and promoting it to its customers. Gemini Earn was an interest-bearing product issued by the cryptocurrency exchange Gemini. Gemini has about $900 million in deposits with DCG's subsidiary Genesis Global. DCG stated in its message on Tuesday:
“In reaction to these malicious attacks, we are safeguarding all legal measures. DCG will continue to engage in a fruitful dialogue with Genesis and its creditors in order to reach an agreement that works for all parties.”
Cameron Winklevoss has called on Digital Currency Group (DCG) founder Barry Silbert to resign as CEO of the crypto conglomerate. Winklevoss asserted that the executive and DCG had misled users of the Gemini crypto exchange.
Winklevoss labeled Silbert "unfit" to manage DCG in an open letter to the company's board after failing to resolve liquidity difficulties with the parent company's crypto brokerage Genesis.
DCG recently published a detailed Q&A in which they stated that they own Genesis for $447.5 million and 4,550 BTC due in May 2023. Furthermore, they asserted that they had no affiliation with Three Arrows Capital (3AC).
Furthermore, DCG has stated that Genesis's 1.1 billion promissory note due in 2032 is not callable. It means that DCG will not repay the $1.1 billion immediately as part of Genesis's possible bankruptcy proceedings.
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