Crypto exchange Gemini's Winklevoss urges removal of DCG CEO Barry Silbert

Crypto exchange Gemini’s cofounder on Tuesday called for the removal of Digital Currency Group’s chief executive Barry Silbert, amid tension between the two companies, in the aftermath of FTX’s collapse.

Some users of Gemini’s Earn program, who lent out their crypto through DCG’s subsidiary Genesis to earn interests, have been unable to access a total of more than $900 million in funds, according to several media reports. Genesis’s lending arm has ceased redemptions since November, as the contagion of FTX’s bankruptcy spread.

In the letter, Winklevoss accused Genesis and DCG of making “false statements and misrepresentations” about the solvency and financial health of Genesis. Silbert “has proven himself unfit to run DCG and unwilling and unable to find a resolution with creditors that is both fair and resonable,” Winklevoss wrote in the letter.

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