With digital asset entrepreneur Cameron Winklevoss accusing fellow businessman Barry Silbert of “bad faith stall tactics” and the mixing of funds within his conglomerate, the fallout from the collapse of Sam Bankman-crypto Fried’s empire has gotten even messier.
As their separate businesses clash over a commercial dispute brought on by FTX’s multibillion-dollar implosion late last year, the co-founder of cryptocurrency exchange Gemini has accused Digital Currency Group CEO Barry Silbert of “bad faith stall tactics.”
In an open letter published on Twitter, Cameron Winklevoss attacked Silbert and claimed that DCG, the parent firm of cryptocurrency broker Genesis Global Capital, owes Gemini’s customers $900 million. The letter claims that Gemini has been waiting for word on a repayment deal for six weeks without success. The parent business of CoinDesk is DCG.
Silbert reacted by tweeting that DCG had not received a response since Dec. 29, 2022, when it delivered a proposal to Genesis and Gemini’s advisors.
Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/kouAviTho4
– Cameron Winklevoss (@cameron) January 2, 2023
Bloomberg reported, Winklevoss and his twin brother launched Gemini Trust Co., which halted redemptions on Earn, a lending program that allowed users to earn up to 8% percent on digital currency holdings. In order to do this, it loaned them to Genesis Global Capital, one of Silbert’s businesses owned by the Digital Currency Group. “The Earn halt came in November after Genesis suspended both redemptions and new loan originations at its lending unit because of its exposure to FTX. Genesis has told clients that it could take “weeks” to find a path forward, and that bankruptcy may be one possibility.”
Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/kouAviTho4
– Cameron Winklevoss (@cameron) January 2, 2023
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