By Reuters | Updated: 3 January 2023
Cameron Winklevoss, who founded crypto exchange Gemini Trust with his twin brother, on Monday accused Digital Currency Group (DCG) CEO Barry Silbert of “bad faith stall tactics” and asked him to commit to resolving $900 million (roughly Rs. 7,450 crore) worth of disputed customer assets by January 8.
Gemini has a crypto lending product called Earn in partnership with DCG’s crypto firm Genesis. Genesis halted customer withdrawals in November, following the collapse of major crypto exchange FTX.
Winklevoss said Genesis owed more than $900 million to some 340,000 Earn investors, and that he had been trying to reach a “consensual resolution” with Silbert for the past six weeks.
Cameron Winklevoss, who founded crypto exchange Gemini Trust with his twin brother, on Monday accused Digital Currency Group (DCG) CEO Barry Silbert of “bad faith stall tactics” and asked him to commit to resolving $900 million (roughly Rs. 7,450 crore) worth of disputed customer assets by January 8.
Gemini has a crypto lending product called Earn in partnership with DCG’s crypto firm Genesis. Genesis halted customer withdrawals in November, following the collapse of major crypto exchange FTX.
Winklevoss said Genesis owed more than $900 million to some 340,000 Earn investors, and that he had been trying to reach a “consensual resolution” with Silbert for the past six weeks.
Silbert responded in a tweet that DCG did not borrow $1.675 billion from Genesis.
“DCG has never missed an interest payment to Genesis and is current on all loans outstanding,” Silbert said, adding that DCG delivered a proposal to Genesis and Winklevoss’ advisers on December 29 and did not receive a response.
Genesis wrote in a letter to clients on December 7 that it was working to preserve client assets and strengthen liquidity, adding that it would take “weeks rather than days” to form a plan.
© Thomson Reuters 2022
