The public feud between Barry Silbert, CEO of Digital Currency Group (DCG), and Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, reached a new low on Tuesday when Winklevoss demanded that DCG’s board fire Silbert for being “unfit.” to run the company.
He began by writing: “I am writing to inform you that Gemini and more than 340,000 Earn users have been defrauded by Genesis Global Capital LLC, along with its parent company Digital Currency Group, its founder and CEO Barry Silbert, and other key individuals. staff.”
According to Winklevoss, the fraud was committed with the intent to mislead lenders into thinking that DCG had assumed Genesis’s losses as a result of the Three Arrows Capital (3AC) bankruptcy so that they would continue lending money to Genesis.
His lengthy letter accused Genesis of carelessly lending money to 3AC while the hedge fund used it for a “kamikaze” trade in which 3AC exchanged Bitcoin for shares of Grayscale’s Bitcoin Trust Products (GBTC).
Winklevoss also claimed that Genesis’ problems stemmed from its loans of more than $2.3 billion to 3AC, which led to a loss of $1.2 billion when 3AC filed for bankruptcy in June 2022. At that At the time, Winklevoss claims that Silbert, DCG, and Genesis were engaged in “a carefully crafted campaign of lies” that led to the showcase that DCG had made a $1.2 billion donation to Genesis. He maintains that Silbert allowed these transactions because it would prevent the sale of GBTC shares on the market, safeguarding the share price.
“There is no way forward as long as Barry Silbert remains CEO of DCG. He has proven incapable of running DCG and is 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.”
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