Jan. 2 “marks 47 days since Genesis halted withdrawals,” Cameron Winklevoss, co-founder of the cryptocurrency alternate Gemini, identified in an open letter to Barry Silbert, CEO of the Digital Forex Group — which owns Genesis. Winklevoss went on to make a blunt appraisal of DCG’s enterprise practices.
In keeping with the letter Winklevoss posted on Twitter, Genesis owes Gemini $900 million for funds Gemini lent to it as a part of the Gemini Earn program. “For the previous six weeks, we now have achieved the whole lot we are able to to interact with you in a very good religion and collaborative method as a way to attain a consensual decision so that you can pay again the $900 million that you simply owe,” Winklevoss wrote, including:
“Each time we ask you for tangible engagement, you cover behind legal professionals, funding bankers, and course of.”
Winklevoss claimed DCG owes Genesis cash that it has not repaid, resulting in the failure of Genesis to pay Gemini.
Gemini was sued by traders on Dec. 27. The swimsuit alleges that Gemini engaged in fraud and violations of securities legal guidelines as a result of the Earn program was not registered and traders had been unable to evaluate its dangers absolutely. Earn stopped paying traders in November.
DCG didn’t borrow $1.675 billion from Genesis
DCG has by no means missed an curiosity fee to Genesis and is present on all loans excellent; subsequent mortgage maturity is Might 2023
DCG delivered to Genesis and your advisors a proposal on December twenty ninth and has not obtained any response
— Barry Silbert (@BarrySilbert) January 2, 2023
Silbert countered Winklevoss, claiming that Genesis has responded to Gemini’s proposal and that DCG shouldn’t be overdue in its funds to Genesis.
