Gemini CEO Cameron Winklevoss tweeted: We have published another open letter, addressed to board members of the Digital Currency Group (DCG). In the letter, Winklevoss said he accused DCG and CEO Barry Silbert of making poor decisions at the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC), accusing DCG of Gemini and Earn users. claiming to have organized a “lie campaign” to defraud think it’s okay Winklevoss is calling on DCG’s board to remove Silbert from his role as CEO. Gemini believes there is “no way forward” with Silbert in charge.
Gemini and digital currency group controversy continues in separate open letter
About a week ago, Bitcoin.com News reported that Gemini co-founder Cameron Winklevoss reported on the open letter of To Barry Silbert, CEO of Crypto Exchange, Digital Currency Group (DCG). In the letter, Winklevoss asked Silbert to address liquidity issues between Gemini and his DCG subsidiary, He Genesis Global Capital. Winklevoss, a Gemini executive, claimed DCG owed him $1.675 billion to Genesis’ lending arm. However, after the letter was published, Silbert strongly disputed Winklevoss’ statements.
“DCG does not owe Genesis he $1.675 billion,” he tweeted Silbert at the time. “DCG has never defaulted on any interest payments to Genesis and is currently underway on all outstanding loans. The next loan maturity is May 2023.” It called on the DCG and the DCG to take action, and set a deadline for the DCG to respond by 8 January 2023. A letter sent to DCG’s board suggests that no agreement was reached during that period.
Acquisition Update: @DCGco Open Letter to Board pic.twitter.com/eakuFjDZR2
– Cameron Winklevoss (@cameron) January 10, 2023
In a open letter to members of the board of directors of DCG, Winklevoss stated that Genesis It claims to have loaned $2.36 billion to date. Three Arrows Capital (3AC), a cryptocurrency hedge fund, has gone bankrupt. According to Winklevoss, “Genesis was left with at least $1.2 billion in losses” after the funds were reportedly liquidated. “At this point, Barry Silbert had two legitimate options: Restructure the Genesis loan (in and out of bankruptcy court) or fill the $1.2 billion hole,” he said. said Mr. Winklevoss. “He did neither.” Gemini co-founder claims DCG and Genesis have aggressively made “false statements and misrepresentations” regarding the supposed hole and financial status of his Genesis .
Winklevoss’s open letter alleges:
They blamed the collapse of Three Arrows Capital (3AC) and the enormous losses Genesis suffered on him. did so to convince lenders that DCG had absorbed it. Encourage lenders to continue lending to Genesis. By lying, they hoped to buy themselves time to dig themselves out of the hole they had made. After it was published, it received a lot of attention. However, as of this writing, DCG executive Silbert has not reacted to his Winklevoss allegations as he did last week. “It’s never a good sign for a CEO to write an open letter to a [third] party that does business at this level,” one individual said of his Winklevoss to his DCG board members. I commented on the letter. “Good luck to the day-to-day investors caught up in this. Hopefully all the highly paid people who are accountable will be held accountable and [and] it’s not a blame contest,” the individual added.
“Did you know there are courts these days? Just file lawsuits on Twitter instead of these ridiculous letters,” another user tweeted
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