Bitcoin Proponent Barry Silbert Hits Back At Gemini’s Cameron Winklevoss On Genesis Funds

On Wednesday, Barry Silbert, founder and CEO of Digital Currency Group (DCG), issued a response to an open letter addressing the DCG’s alleged $1.675 billion debt. The issue was first raised by Gemini’s co-founder Cameron Winklevoss in an open letter that he posted on the micro-blogging site Twitter on January 2.

That open letter from Cameron to Silbert.

This comes after Cameron tweeted against the head via a Twitter post earlier today, highlighting the delay in halting Genesis withdrawals. He talked about the 340,000 Earn customers waiting for withdrawals to resume with more than $900 million in digital assets.

Earn Update: An Open Letter to @BarrySilbertpic.twitter.com/kouAviTho4

— Cameron Winklevoss (@cameron) January 2, 2023

A comment from Barry Silbert.

On a different side, The main purpose of Silbert's tweet was to reject any missing payments and to assure subscribers that the DCM had never missed a payment of interest and was up-to-date on all existing loans; with the upcoming payment in May 2023. A statement was also made by the CEO of DCG that the next payment would be due in May 2023.

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On top of everything else, He stressed that his company's efforts were committed to delivering a concrete resolution for users on 29 December, went under the radar and has yet to be recognized by the Genesis team.

An 8 January ultimatum from Winklevoss.

Given that many clients trusted Genesis, Winklevoss noted that Silbert's actions were inexcusable and objectionable. The co-founder of Gemini crypto exchange has further contested Silbert to make a public commitment by addressing the matter within January 8th.

On November 16, 2022, shortly after the downfall of the FTX empire, Genesis made a significant decision regarding withdrawals. It was announced by the lending division of the leading institutional digital asset manager that it would temporarily halt redemptions as well as the initiation of new loans. While few began to speculate on the insolvency of genesis, the crypto company later dismissed these claims.

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