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Gemini co-founder Cameron Winklevoss has written an open letter to Digital Currency Group (DCG) CEO Barry Silbert about over $900 million in locked funds. DCG owns crypto broker Genesis, which has been facing financial headwinds and halted withdrawals for almost two months. The company’s lending harm put a hold on withdrawals in November after it also took a hit from the FTX crash. Due to its financial struggles, Genesis and its parent company DCG owe users of Gemini’s Earn product about $900 million.
Cameron Winklevoss Openly Calls Out Barry Silbert Over $900M Locked Funds
The latest update on the locked funds is Cameron Winklevoss openly calling out Barry Silbert in an open letter posted on Twitter. The twin brother noted that the 2nd of January “marks 47 days since Genesis halted withdrawals,” and he has decided to write the letter on behalf of the impacted 349,000 Gemini Earn users. He did not fail to mention that the users are humans with different life stories who lent the crypto broker the money meant for important matters. According to Cameron Winklevoss, Barry Silbert is obviously “engaging in bad faith stall tactics” despite all of Gemini’s efforts. The businessman lamented:
“For the past six weeks, we have done everything we can to engage with you in good faith and collaborative manner in order to reach a consensual resolution for you to pay back the $900 million that you owe, while helping you preserve your business. We appreciate that there are startup costs to any restructuring, and at times things don’t go as fast as we would all like.”
The Winklevoss twin said Gemini had reached out on the 2nd of December for a physical meeting. At the time, the crypto exchange noted that a physical meeting would be the most productive approach to getting a solution on the money owed. DCG agreed to the assembly on the condition that Gemini submits a proposal. However, the capital market company still refused to meet with Gemini after the exchange provided a proposal on the 17th of December and an updated proposal on the 25th of the same month. Cameron Winklevoss added that Barry Silbert hides behind lawyers, investment bankers, and processes every time Gemini seeks tangible engagement. The co-founder referred to Silbert’s behavior as “not only completely acceptable, it is unconscionable.”
Cameron also blamed Silbert for the entire financial headwinds, saying that DCG owed Genesis $1.675 billion, and it is the money that Genesis owes Gemini clients.
“You took this money – the money of schoolteachers – to fuel greedy share buybacks, illiquid venture investments, and kamikaze Grayscale NAV trades that ballooned the fee-generating AUM of the Trust; all at the expense of creditors and all for your own personal gain. It is now time for you to take responsibility for this and do the right thing,” added he.
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