Gemini Co-Founder Accuses DCG of Fraud
Cameron Winklevoss, co-founder of Gemini, has written an open letter to Barry Silbert, the CEO of Digital Currency Group (DCG), accusing the company of fraudulent behavior. The letter represents the concerns of 232,000 Earn users who have over $1.2 billion of assets trapped in Genesis, a company owned by DCG.
Winklevoss highlights the prolonged withdrawal suspension of 229 days and the lack of response from DCG regarding allegations of false statements. He criticizes DCG for evading responsibility and stalling to raise money rather than working towards a resolution with creditors.
In the letter’s conclusion, Winklevoss urges Silbert to act ethically and expresses disappointment in Silbert’s conduct. Winklevoss highlights the contrasting behavior of Sam Bankman-Fried, another individual involved, who acknowledged the harm caused and made efforts to resolve the situation.
Cameron demands that DCG make payments totaling $1.465 billion.
He describes the proposal as fair and reasonable for all parties involved, emphasizing that it represents the minimum acceptable to creditors supporting a deal. Winklevoss sets a deadline of 4 p.m. ET on July 6 for Silbert to accept the deal, warning that failure to do so will result in a lawsuit filed by Gemini against DCG and Silbert on July 7. (
