Digital Currency Group gets Jan. 8 deadline to resolve Gemini earn issues

Hull Invest

Gemini co-founder Cameron Winklevoss said that Digital Currency Group (DCG) CEO Barry Silbert used dishonest tactics over the $900 million debt the Genesis deal owed to acquire users. accused of going

Opening on January 2nd letter, Winklevoss said Silbert employed stalling tactics and refused to meet with stakeholders to resolve issues surrounding the situation.

The exchange’s co-founders gave Silbert a January 8 deadline to resolve the matter.

DCG owes its subsidiary Genesis $1.675 billion, Winklevoss said. He added that part of this debt comes from his Gemini Earn user funds.

Winklevoss said DCG used the loan to facilitate “greedy share buybacks, illiquid venture investments, and kamikaze grayscale NAV deals that inflate the trust’s AUM that generate fees.” rice field. It is all the responsibility of the creditor. “

Winklevoss added that Silbert is trying to firewall DCG from problems with its subsidiary, Genesis, but pointed out that Genesis and DCG are beyond confusion.

Gemini suspended withdrawals for its acquired users on November 16, citing “abnormal withdrawal requests.” Since then, the exchange has formed an ad hoc committee to resolve the matter.

silbert answers

Barry Silbert responded That DCG didn’t borrow $1.675 billion from Genesis. He also said DCG has no outstanding debt to Genesis and the subsequent maturity of the loan is May 2023. Silbert added:

“DCG submitted a proposal to Genesis and your advisors on December 29th, but have not received any response.”

However, Winklevoss claims that DCG owes Genesis.Cameron Said Silbert to stop pretending that he and DCG were “innocent bystanders and had nothing to do with the creation of this mess”. If not, I asked how they do.

Financial analyst Ram Alwalia I got it DCG could face bankruptcy.

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