Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, wrote in an open letter to Barry Silbert, CEO of Digital Currency Group, which owns Genesis, on January 2nd, “Genesis It’s been 47 days since we stopped withdrawals.” Winklevoss candidly evaluated DCG’s business practices.
According to a letter posted on Twitter by Winklevoss, Genesis I owe Gemini $900 million Gemini loaned as part of the Gemini Earn Program. “Over the past six weeks, we have done everything we can to engage with you in an honest and cooperative manner to reach an agreement to repay the $900 million you owe,” Winklevoss said. ‘ added.
“Every time you ask for a concrete engagement, you’re behind the lawyers, the investment bankers, and the process.”
Winklevoss claimed that DCG owed Genesis money it had not repaid, and that Genesis was unable to pay Gemini.
Gemini sued by an investor The lawsuit alleges that Gemini engaged in fraud and securities law violations because the Earn program was not registered and investors failed to fully assess its risks. Earn said he stopped paying investors in November.
DCG did not borrow $1.675 billion from Genesis
DCG has never defaulted on any interest payments to Genesis and all outstanding loans are up to date.His next loan maturity is May 2023
DCG submitted a proposal to Genesis and your advisors on December 29th, but have not received any response.
— Barry Silbert (@BarrySilbert) January 2, 2023
Silbert countered Winklevoss, claiming that Genesis had agreed to Gemini’s offer and that DCG had not failed to pay Genesis.
“See you later,” Winklevoss replied to Silbert. He went on to ask if Silbert said he would “commit to work this out” by 8 January.
See you. Please stop pretending that you and he are innocent bystanders to DCG and have nothing to do with causing this mess. It’s completely dishonest.
So why does DCG owe Genesis $1.675 billion if it doesn’t? Oh yeah, that promissory note…
— Cameron Winklevoss (@cameron) January 2, 2023