Gemini’s Winklevoss calls for Digital Currency Group CEO’s head
Gemini crypto exchange co-founder Cameron Winklevoss called for the board of Digital Currency Group to remove Barry Silbert as chief executive officer, in the latest twist of a running dispute with a onetime business partner.
Some 340,000 Gemini users earned interest on lending out their crypto through Genesis, a unit of DCG.
They are now unable to access about $900 million in funds after Genesis stopped reimbursements in November amid contagion from the bankruptcy of the FTX exchange.
Creditors including Gemini have been working behind the scenes to find a solution for nearly two months.
On Jan. 2, Winklevoss issued his first open letter to Silbert on Twitter, accusing him of “bad faith stall tactics” and asking him to commit to a resolution by Jan. 8. That day came and went with no announcements.
In a new letter published Tuesday, also on Twitter, Winklevoss accused Silbert of repeatedly misrepresenting Genesis’s financial position, publicly as well as to Gemini’s employees.
Silbert “has proven himself unfit to run DCG and unwilling and unable to find a resolution with creditors that is both fair and reasonable,” Winklevoss wrote.
Silbert responded via Twitter to Winklevoss’s Jan. 2 letter, claiming that DCG delivered a proposal for resolving the dispute to Genesis and Winklevoss’s advisers on Dec. 29, but had received no reply.
He also refuted accusations that DCG owed Genesis $1.675 billion, which it used for other business purposes within Silbert’s conglomerate.
“DCG did not borrow $1.675 billion from Genesis” and “never missed an interest payment to Genesis and is current on all loans outstanding,” Silbert said. Silbert couldn’t immediately be reached to respond to the latest letter.
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