Winklevoss twin accuses Barry Silbert's DCG, Genesis of accounting fraud — and say the crypto conglomerate embarked on a 'campaign of lies'
Gemini cofounder Cameron Winklevoss is calling for Digital Currency Group founder Barry Silbert to step down as the crypto conglomerate's chief executive officer, and says the executive and DCG have defrauded users of the Winklevoss's Gemini crypto exchange.
Genesis' lending arm halted loan originations and redemptions due to FTX contagion in November. As a result, the Winklevoss's crypto exchange Gemini had to pause withdrawals on its interest-bearing product, leaving $900 million of customer money frozen on its platform. Gemini partnered with Genesis for this offering.
Silbert, Genesis, and the parent company defrauded Gemini and their users, Winklevoss says. Issues with DCG allegedly stem back to Genesis' exposure to now-defunct crypto hedge fund Three Arrows Capital, which the brokerage lent $2.36 billion of assets to, according to Winklevoss."After collateral was liquidated, Genesis indicated that it was left with a loss of at least $1.2 billion.
DCG tried to cover up Genesis' loss for months, Winklevoss says, accusing the parties involved of accounting fraud.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Who is DCG's Barry Silbert, the crypto baron under fire by Winklevoss?Who is DCG's Barry Silbert, the crypto baron in the crosshairs of the Winklevoss twins over 'bad faith' business practices?
Read more »
Gemini's Cameron Winklevoss Calls For Barry Silbert's Ouster From DCGWinklevoss, on behalf of Gemini, called for Silbert's removal for his involvement in the disagreement between Genesis and its creditors.
Read more »
Cameron Winklevoss: 'There is no path forward as long as Barry Silbert remains CEO of DCG'Cameron Winklevoss penned a letter alleging fraud by Genesis Global Capital, Digital Currency Group, and its CEO Barry Silbert.
Read more »
Gemini's Winklevoss Wants to End Barry Silbert's Reign at DCGIt appears Gemini's Winklevoss wants to end Barry Silbert's reign at DCG, citing corruption and mismanagement as grounds for such swift action against him
Read more »
Crypto exchange Gemini's Winklevoss urges removal of DCG CEO Barry SilbertCrypto exchange Gemini’s cofounder Cameron Winklevoss on Tuesday called for the removal of Digital Currency Group’s chief executive Barry Silbert.
Read more »
Gemini CEO Winklevoss escalates DCG spat, demands removal of SilbertGemini CEO Cameron Winklevoss demanded the removal of Digital Currency Group CEO Barry Silbert in an open letter, escalating an ongoing spat over the frozen funds of the exchange's Earn users.
Read more »