The co-founder of the digital asset exchange Gemini, Cameron Winklevoss has penned an open letter to the board of Digital Currency Group, commenting CEO Barry Silbert was “unfit” to run the organization.
In the aforementioned letter, Winklevoss claimed Silbert and Genesis Global Capital, a subsidiary of Digital Currency Group, had defrauded over three hundred and forty thousand users who were a part of Gemini’s Earn program. The letter followed a 2nd January appeal on Twitter to Silbert directly, in which the Gemini co-founder mentioned Genesis owed Gemini nine hundred million dollars, accusing the chief executive officer of hiding “behind lawyers, investment bankers, and process.”
As per Winklevoss, Genesis lent over 2.3 Billion dollars to Three Arrows Capital, a move which ultimately left the digital asset firm with a loss of 1.2 Billion dollars once the hedge fund failed in the month of June, last year.
“There is no path forward as long as Barry Silbert remains CEO of DCG.”
“He has proven himself unfit to run DCG and unwilling and unable to find a resolution with creditors that is both fair and reasonable. As a result, Gemini, acting on behalf of 340,000 Earn users, requests that the Board remove Barry Silbert as CEO.”
Silbert addressed some of Winklevoss’ claims in a recent letter to shareholders, in which he mentioned Genesis had a “trading and lending relationship” with both Three Arrows and Alameda Research. He further added that Digital Currency Group did not receive any cash, virtual asset, or other form of payment for a 1.1 Billion dollars promissory note for Genesis’ liabilities.
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