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Cameron Winklevoss writes an open letter to Barry Silbert about Gemini's frozen funds

Published on

January 2, 2023
Read Time:1 Minute, 22 Second

Jan. 2 “marks 47 days since Genesis stopped withdrawals,” identified Cameron Winklevoss, co-founder of cryptocurrency alternate Gemini, in an open letter to Barry Silbert, CEO of Digital Foreign money Group — which Genesis owns. Winklevoss went on to supply a candid evaluation of DCG's enterprise practices.

In accordance with the letter Winklevoss posted on Twitter, Genesis owes Gemini $900 million for funds Gemini loaned him beneath the Gemini Earn program. "Over the previous six weeks, we have now carried out every little thing inside our energy to work in good religion and in a cooperative method with you to achieve an amicable decision so that you can repay the $900 million that you just owe," Winklevoss wrote added:

"Each time we ask you for particular engagement, you cover behind attorneys, funding bankers and lawsuits."

Winklevoss claimed that DCG owed Genesis cash that it didn't repay, leading to Genesis failing to pay Gemini.

Gemini was sued by traders on December twenty seventh. The lawsuit alleges that Gemini was concerned in fraud and violations of securities legal guidelines as a result of the Earn program was unregistered and traders failed to completely assess its dangers. Earn stopped paying traders in November.

DCG didn't borrow $1.675 billion from Genesis

DCG has by no means missed an curiosity cost to Genesis and is present on all excellent loans; subsequent mortgage maturity is Might 2023

DCG submitted a proposal to Genesis and their advisors on December 29 and obtained no response

— Barry Silbert (@BarrySilbert) January 2, 2023

Silbert countered Winklevoss, claiming that Genesis acted on Gemini's proposal and that DCG was not overdue in its funds to Genesis.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 2, 2023
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