[ad_1]
Key Takeaways
Gemini co-founder Cameron Winklevoss printed an open letter addressed to the Digital Foreign money Group board at the moment.
Winklevoss referred to as on the board to oust Barry Silbert as DCG CEO.
He claimed Silbert “rigorously crafted a marketing campaign of lies” round Genesis’ monetary well being to trick lenders into offering extra funds to the corporate.
Share this text
Gemini made a brand new transfer in opposition to Digital Foreign money Group at the moment when co-founder Cameron Winklevoss referred to as on the corporate’s board to fireside Barry Silbert.“A Marketing campaign of Lies”The stress between Gemini and DCG is reaching new ranges.In an open letter printed at the moment on Twitter, Gemini co-founder Cameron Winklevoss referred to as for the Digital Foreign money Group board to take away Barry Silbert as firm CEO.
Winklevoss accused Silbert, DCG, and Genesis of defrauding 340,000 Gemini Earn customers. In response to Winklevoss, the group made false statements about Genesis’ monetary well being and solvency to be able to induce lenders into offering new loans to the corporate. The four-page letter provides a timeline of DCG’s supposed lies and misrepresentations, beginning with Genesis liquidating Three Arrows Capital in June 2022, which resulted in a $1.2 billion loss for the crypto lending firm. Winklevoss alleges that, beginning July, “Barry, DCG, and Genesis launched into a rigorously crafted marketing campaign of lies to make Gemini, Earn customers, and different lenders consider that DCG had injected $1.2 billion of precise help into Genesis.”That is the second time Winklevoss pens an open letter on the matter of Genesis and Gemini. On January 2 he accused Silbert of partaking in “dangerous religion stall techniques” and of refusing to get in a room with Gemini representatives to resolve Genesis’ liquidity disaster. Genesis is a crypto lending firm and a subsidiary of Digital Foreign money Group. The agency paused redemptions and new mortgage originations on November 16, citing “unprecedented market turmoil” as a result of FTX collapse. In consequence, Gemini was compelled to halt its Earn Program, which relied on Genesis to supply lending companies to Gemini prospects. Winklevoss has beforehand claimed that Genesis owes Gemini Earn prospects over $900 million.Disclaimer: On the time of writing, the writer of this piece owned BTC, ETH, and a number of other different crypto property.
Share this text
The data on or accessed by this web site is obtained from unbiased sources we consider to be correct and dependable, however Decentral Media, Inc. makes no illustration or guarantee as to the timeliness, completeness, or accuracy of any info on or accessed by this web site. Decentral Media, Inc. shouldn’t be an funding advisor. We don’t give customized funding recommendation or different monetary recommendation. The data on this web site is topic to alter with out discover. Some or the entire info on this web site might turn out to be outdated, or it might be or turn out to be incomplete or inaccurate. We might, however are usually not obligated to, replace any outdated, incomplete, or inaccurate info.
It’s best to by no means make an funding resolution on an ICO, IEO, or different funding primarily based on the data on this web site, and you must by no means interpret or in any other case depend on any of the data on this web site as funding recommendation. We strongly advocate that you just seek the advice of a licensed funding advisor or different certified monetary skilled if you’re searching for funding recommendation on an ICO, IEO, or different funding. We don’t settle for compensation in any type for analyzing or reporting on any ICO, IEO, cryptocurrency, foreign money, tokenized gross sales, securities, or commodities.
See full phrases and circumstances.
[ad_2]