• Gemini CEO Cameron Winklevoss has accused Digital Currency Group of misrepresentation, and is demanding the resignation of DCG CEO Barry Silbert.
• Winklevoss claims that DCG orchestrated a „campaign of lies“ in order to deceive Gemini and Earn users into thinking everything was fine.
• A week ago, Winklevoss sent an open letter to DCG CEO Barry Silbert, calling on him to address liquidity issues between Gemini and DCG subsidiary firm Genesis Global Capital.
Gemini CEO Cameron Winklevoss has recently published an open letter to the board members of Digital Currency Group (DCG), accusing the firm and its CEO Barry Silbert of misrepresentation and demanding Silbert’s resignation. The open letter, which was posted on Twitter, claims that DCG orchestrated a “campaign of lies” in order to deceive Gemini and Earn users into thinking everything was fine.
The dispute between Winklevoss and Silbert began a week ago, when Winklevoss sent an open letter to Silbert, calling on him to address liquidity issues between Gemini and DCG subsidiary firm Genesis Global Capital. Winklevoss alleged that DCG owes $1.675 billion to Genesis‘ lending arm. However, Silbert strongly disputed Winklevoss’s statements and denied the claims.
In his latest open letter, Winklevoss accused Silbert and DCG of making poor decisions with the now-defunct crypto hedge fund Three Arrows Capital (3AC). He also accused the firm of lying and deceiving Gemini and Earn users in order to cover up what was really happening with the fund. “It is clear to us that DCG has been misleading the public by claiming that 3AC was a success and that it was profitable,” Winklevoss wrote.
Winklevoss went on to express his strong belief that there is no way for Gemini to work with DCG and Silbert in the future, and demanded that the DCG board remove Silbert from his role as CEO. He argued that the only way for DCG to move forward and rebuild trust with the crypto community is to remove Silbert from his position.
At the time of writing, it is unclear what DCG’s response to Winklevoss’s letter will be, or whether Silbert will be removed from his role as CEO. However, it is clear that the dispute between Gemini and DCG is far from over and that the two firms will have to come to some sort of agreement if they are to move forward.