Gemini’s Cameron Winklevoss slammed DCG CEO Barry Silbert over frozen funds.
The fallout from the collapse of Sam Bankman-Fried’s crypto empire just got messier, with digital-asset entrepreneur Cameron Winklevoss accusing fellow businessman Barry Silbert of “bad faith stall tactics” and the intermingling of funds within his conglomerate that Winklevoss says have left $900 million in customer assets needlessly in limbo since FTX’s meltdown.
The Earn halt came in November after Genesis suspended both redemptions and new loan originations at its lending unit because of its exposure to FTX. He told Silbert, “this mess is entirely of your own making,” citing some $1.675 billion owed to Genesis by DCG, which it used for other business purposes within Silbert’s conglomerate.“It’s not lost on us that you’ve been working desperately to try and firewall DCG from the problems that you created at Genesis,” Winklevoss wrote.
Silbert also claimed DCG delivered a proposal for resolving the dispute to Genesis and Winklevoss’s advisers on 29 December but had received no reply.DCG has never missed an interest payment to Genesis and is current on all loans outstanding; next loan maturity is May 2023 Winklevoss claims the $1.675 billion borrowed by DCG from Genesis was used “to fuel greedy share buybacks, illiquid venture investments, and kamikaze Grayscale NAV trades,” referring to another of Silbert’s businesses, Grayscale Investments, whose largest vehicle is the Grayscale Bitcoin Trust.DCG has been trying to emphasise that it’s separate from Genesis and insulated from its troubles.
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