DCG CEO Barry Silbert has expressed concerns about his crypto conglomerate in a recent letter to his shareholders. Silbert has been embroiled in a fight with Gemini’s Cameron Winklevoss over an alleged non-payment of $900 million.
Barry Silbert, the CEO Digital Currency Group (DCG), has responded to the growing concerns surrounding his crypto conglomerate. In a letter to DCG shareholders on January 10, Silbert clarified the relationship between the company and its subsidiaries. He further addressed Cameron Winklevoss’ allegations of Gemini on Jan. 10.
DCG’s CEO blames bad actors and repeated outbursts
Barry Silbert blames the Digital Currency group’s current predicament on bad actors and repeated outbursts that have devastated the crypto industry in 2022. Silbert described it as the “hardest year” of his life, during which his integrity and good intentions were questioned.
Speaking about DCG’s relationship with Genesis, the CEO revealed that the parent company currently owes Genesis Capital $447.5 million along with 4550 BTC, which matures in May 2023. This was in addition to the $1.2 billion promissory note from when DCG took over Genesis. bankruptcy claim against Three Arrows Capital, the defunct crypto hedge fund that went under during the 2022 crypto contagion.
In the Q/A section of his letter, Silbert clarified that DCG has never had any relationship with Alameda Research. However, the company had a small $250,000 exposure as an equity investment in FTX’s Series B funding round.
A scathing letter from Cameron Winklevoss, Geminis
Cameron Winklevoss, the co-founder and president of crypto exchange Gemini, wrote a open letter to Barry Silbert on January 10. The letter accused Silbert’s firm of accounting fraud and called for his resignation as CEO. Winklevoss claimed there was no way forward with Barry Silbert at the helm of DCG.
The Digital Currency group responded to the Gemini president’s tweet shortly after it was posted, which read:
“This is another desperate and unconstructive publicity stunt by @cameron to deflect blame from himself and Gemini, who are solely responsible for running Gemini Earn and marketing the program to its customers.”
This is another desperate and unconstructive publicity stunt from @kameron to divert the blame from himself and Gemini, who are solely responsible for running Gemini Earn and marketing the program to its customers.
— Digital Currency Group (@DCGco) January 10, 2023
Meanwhile, Gemini ended its Earn program and terminated the Principal Loan Agreement (MLA) between its clients and Genesis. The termination requires Genesis to return all blocked outstanding assets in the program.
This post DCG CEO Barry Silbert elaborates on ‘hardest year’ after allegations from the Gemini founder
was published first on https://ambcrypto.com/dcg-ceo-barry-silbert-expands-upon-most-difficult-year-following-gemini-founder-allegations/
