Cryptocurrency Broker Genesis Negotiated With Malicious Purpose, Co-Founder Cameron Winklevoss Says In Open Letter

Cameron Winklevoss, who founded crypto exchange Gemini Trust with his twin brother, on Monday accused Digital Currency Group (DCG) CEO Barry Silbert of “ bad faith prevention tactics” and asked him to commit to solving the problem $900 million (approximately Rs 7,450). the client’s property in dispute before January 8.

Gemini there is a crypto lending product called Earn in partnership with DCG’s crypto company so bright. Genesis halted customer withdrawals in November, following the collapse of major crypto exchanges FTX.

Winklevoss said Genesis owes more than $900 million with about 340,000 investors cashing in on it, and he’s been trying to reach a “consensus resolution” with Silbert for the past six weeks.

Winklevoss wrote in an open letter to Silbert posted on Twitter: “It is now clear, however, that you have engaged in well-intentioned delaying tactics.

“We ask that you publicly commit to working together to resolve this issue by January 8, 2023,” he added. The letter did not say what would happen if no agreement was reached by January 8.

Winklevoss wrote that DCG owes Genesis $1.675 billion (approximately Rs 13,900 crore), which is the amount Genesis owes users Earn and other creditors, adding that “this mess is entirely on your own create.”

Silbert responded in a tweet that DCG did not borrow $1.675 billion from Genesis.

“DCG has never missed an interest payment on Genesis and is currently paying all outstanding debts,” said Silbert, adding that DCG has submitted a proposal to Genesis and Winklevoss advisors. on December 29 and received no response.

Genesis wrote in a letter to clients on December 7 that it is working to preserve customer assets and enhance liquidity, adding that it will take “weeks, not weeks.” day” to make a plan.

© Thomson Reuters 2022