Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, has penned an open letter to the board of Digital Currency Group, or DCG, saying CEO Barry Silbert was “unfit” to run the company.Silbert and Genesis Global Capital — a subsidiary of DCG — had defrauded more than 340,000 users who were a part of Gemini’s Earn program. The letter followed a Jan.
According to Winklevoss, Genesis lent more than $2.3 billion to Three Arrows Capital, a move which ultimately left the crypto firm with a loss of $1.2 billion once the hedge fund failed in June 2022. He claimed Silbert, DCG, and Genesis orchestrated"a carefully crafted campaign of lies" starting in July 2022 in an effort to show DCG had injected the funds into Genesis.
"There is no path forward as long as Barry Silbert remains CEO of DCG," said Winklevoss."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.”
According to Winklevoss, Genesis lent more than $2.3 billion to Three Arrows Capital, a move which ultimately left the crypto firm with a loss of $1.2 billion once the hedge fund failed in June 2022.
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