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Su zhu, co-founder of 3 capital arrows, spoke in a Twitter feed about the escalation of crypto warfare between the Digital Money Group (dcg) CEO Barry Silbert and the Winklevoss twins, Our founders trade twins. As Bitcoinist reported yesterday, Cameron Winklevoss published an open letter denouncing Silbert’s misconduct, while setting a deadline for a solution until January 8.
You took that money—the teachers' money—to feed buy-backs of greedy shares, illiquid venture capital investments,
Zhu jumps on this bandwagon, explaining that DCG, the parent company of the Grayscale Bitcoin Trust (GBTC), conspired with FTX to attack Luna and stETH and made “a lot” of money in the process. In addition, dcg incurred substantial losses during the summer due to 3ac's bankruptcy, as well as Babel and other companies involved in gbtc, he said.
“They could have reorganized calmly. Instead, they made a right-hand left pocket callable note that filled the hole as if by magic. It's like a child who loses in poker and says, It's okay, My father will pay for this, let me continue to play,' but if your father is really yourself," zhu went on to evaluate.
Zhu also alleges that Silbert misled Three Arrow Capital for months, “using various methods to attack us and also not have anyone ask the hard questions which are how did Genesis fill the hole.”
But this is not the only thing. Zhu continues by saying that even if they – ftx and dcg – were insolvent, they were accepting more deposits in the hope that the market would rise and eliminate the problem. Ultimately, According to the Chief Executive Officer of 3ac, The value of dcg is zero, and "most ogs" know this and "how barry and sbf were close from the very beginning." sbf was on the genesis board. Moreover, Genesis granted the first loan guaranteed by the FTT to sbf.
For the days to come, Zhu paints an ominous image of Genesis. According to him, Genesis’ creditors will file for bankruptcy in the coming days and seize DCG’s remaining assets.
[T]he probably require Barry to repay his withdrawals in the easy way rather than waiting for a criminal case from the Department of Justice with restitution penalties.
What's the matter with DCG?
Barry Silbert was already commenting on Cameron Winklevoss' allegations yesterday, indicating that dcg did not borrow $1.675B from genesis, never missed a payment of interest to Genesis, and is up to date on all loans in progress, The next loan is scheduled for May 2023.
In addition, Silbert revealed that the Dcm made an offer to Genesis and its advisers on December 12. 29 received no reply. These statements were strongly criticized by the crypto community.
So Gemini gave the money to Barry (Genesis), who then gave the money to Barry (DCG), who then gave the money to Barry (Grayscale)?
— db (@tier10k) January 2, 2023
Also from Autism Capital is "Winklevoss" and Barry Silbert. Winklevoss' want an answer as to how to go forward for their Gemini clients to win (who used genesis for their program), but Barry hides behind the technicality, legal jargon, Probably a sandwich or something. DCG is turbocharged, Barry, confess it."
In the meantime, the price of Bitcoin remains fairly stable at $16,669.
Featured image from Vanity Fair / CNBC, Chart from TradingView.com
