BlocksInform
Gemini co-founder Cameron Winklevoss has called on the Board of Digital Currency Group (DCG) to immediately remove CEO Barry Silbert
According to Winklevoss, the DCG chief executive made false and misleading statements regarding the financial status of crypto brokerage firm Genesis.
- In an open letter on Tuesday (January 10, 2022), Cameron Winklevoss, speaking on behalf of 340,000 Gemini Earn lenders, stated that Barry Silbert claimed to have absorbed the $1.2 billion loss incurred after Three Arrows Capital (3AC) collapsed, which, according to Winklevoss, was untrue.
- The Gemini exec stated that DCG did not inject any funds into Genesis to make up for funds lost at 3AC but instead “entered into a 10-year promissory note with Genesis at an interest rate of 1% – payable by 2023."
- As previously reported by CryptoPotato, Genesis’ lending arm, Genesis Global Capital, froze withdrawals in November following FTX’s collapse.
- The stock has allocated gemini, as genesis global capital is a borrower in the first program of gain.
- While both Gemini and Genesis have been working to find a solution for Earn users, it was later revealed that Genesis owes Gemini customers around $900 million.
- This is a section of the letter from Cameron Winklevoss:
He proved that he was not capable of managing DCG and that he did not want and could not find a fair and reasonable solution with his creditors. Correspondingly, Gemini, acting for 340,000 Earn users, asks that the Board remove Barry Silbert from his position as President and Chief Executive Officer, effective immediately, and set up a new chief executive, that will right Barry's wrongs."
