Winklevoss Vs Silbert: Gemini Founder Pressures DCG CEO To Step Down

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Cameron Winklevoss, a co-founder of the cryptocurrency exchange Gemini, has written an open letter to the board of directors of Digital Currency Group, or in short, in which he asserts that CEO Barry Silbert is “unfit” to oversee the company. After not following through on the January 8 deadline to end the $900 million break, The founder countered the leader of the DCG, require his immediate withdrawal from the position of CEO.

Winklevoss Asks DCG CEO’s Removal

Winklevoss said in a letter dated January 10 that Silbert and Genesis Global Capital, a subsidiary of DCG, had misled more than 340,000 participants of the Gemini Earn program. The letter came after Gemini's co-founder made a call to Silbert directly through Twitter on January 2. In the appeal, the co-founder stated that Genesis owed the crypto exchange millions of dollars and accused the CEO of hiding “behind lawyers, investment bankers, and process.”

Earn Update: An Open Letter to the Board of pic.twitter.com/eakuFjDZR2
— Cameron Winklevoss (@cameron) January 10, 2023

Cameron’s Open Letter To Silbert

Winklevoss claims that Genesis lent more than $2.3 billion to Three Arrows Capital, a decision that ultimately resulted in a $1.2 billion loss for the cryptocurrency company when the investment firm collapsed in June 2022. He claimed that from July 2022, silbert, dcg and genesis planned a well-organized deception campaign to make believe that dcg had supplied the money to genesis.

In Cameron’s latest letter, the crypto entrepreneur was quoted as saying,

[Silbert] has proven himself unfit to run DCG and unwilling and unable to find a resolution with creditors that is both fair and reasonable. There is no path forward as long as Barry Silbert remains CEO of DCG

Although, Silbert responded to Winklevoss’s letter dated January 2 via Twitter — claiming that DCG had delivered a proposal for resolving the dispute to Genesis & Winklevoss’s advisers on December 29 — it had not received a response from them. Silbert has been silent about the charges against him ever since.

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