Cameron Winklevoss grills DGC boss over disputed $900m

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Updated January 9, 2023 | Published January 4, 2023

2 mins read

The co-founder of Gemini has accused Barry Silbert’s company of owing investors no less than $900m.

Cameron Winklevoss has railed against Digital Currency Group (DCG) CEO Barry Silbert who he accused of “bad faith tactics”.

He urged Silbert to quit fooling around and resolve the $900m worth of stuck customer assets by January 8.

Winklevoss, who helped co-found Gemini Trust Co, has been disputing the outstanding $900m funds that have been locked as part of its ties to Genesis.

The issue began in November, when Genesis halted customer withdrawals, immediately after the collapse of FTX.

Earn, which is a project launched by Gemini in cooperation with DGC, is now said to owe as many as 340,000 investors money back.

Winklevoss said that he has been working hard to compel Silbert to repay investors over the past six months but to no avail. He even addressed an open letter to Silbert, shared via Twitter.

The letter didn’t offer much clarification of the increasingly complex dispute between Gemini and Genesis.

Winklevoss urged Silbert to “publicly commit” and solve the problem by January 8 but failed to mention what would happen if this deadline was not met.

Winklevoss also added that DGC owed Genesis $1.67bn, which was in fact owed to Earn investors, users, and creditors. He told Silbert it was a “mess” entirely of “his own” making.

Silbert shut down the accusation arguing that DGC never borrowed the money from Genesis in the first place, throwing another spanner in the public narrative which has grown hard to comprehend.

“DCG has never missed an interest payment to Genesis and is current on all loans outstanding”, Silbert concluded tersely.

While the exact nature of the two companies’ liability is yet to be probed and understood, Genesis and Gemini are both facing reputational damage, or worse, in 2023.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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