Gemini co-founder Cameron Winklevoss takes his dispute with Digital Currency Group CEO Barry Silbert to Twitter.
Cameron Winklevoss, a co-founder of cryptocurrency exchange Gemini and Winklevoss Capital Management, has shared an open letter to Digital Currency Group (DCG) CEO Barry Silbert.
It is worth noting that Digital Currency Group owns five subsidiaries, CoinDesk, Genesis, Luno, Foundry and Grayscale Investments.
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According to the letter shared on Twitter on January 2nd, Winklevoss claims that crypto lending firm Genesis owes Gemini $900 million. Gemini has allegedly lent nearly $1 billion to Genesis as a part of the Gemini Earn program. In the letter, Winklevoss addressed to Silbert by stating:
For the past six weeks, we have done everything we can to engage with you in a good faith and collaborative manner in order to reach a consensual resolution for you to pay back the $900 million that you owe.
Nevertheless, Winklevoss stated that every time Gemini asks for “tangible engagement,” DCG chief executive officer hides “behind lawyers, investment bankers, and process.”
On top of that, in the letter, Winklevoss claims that DCG owes around $2 billion to Genesis, which leads to the latter-mentioned company failing to repay Gemini. In a nutshell, Winklevoss believes that what is happening now is a chain reaction caused by Silbert’s greedy ambitions.
At the end of his letter, Winklevoss asked Silbert to commit to working together and solving problems by January 8th, 2023.
Shortly after Winklevoss published his open letter, Barry Silbert responded to the initial tweet, claiming that DCG has never borrowed money from Genesis or failed to make “interest payment to Genesis.” On top of that, Silbert noted:
DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response.
Cameron Winklevoss responded to the tweet instructing him to stop trying to pretend that he “and DCG are innocent bystanders and had nothing to do with creating this mess.”
It is worth noting that, on December 27th, Gemini was sued by its investors. Gemini clients claim that the company engaged in fraudulent activities and violated securities laws as the Earn program was not registered.
