DCG's Barry Silbert shared his letter on Twitter and said he had been reflecting deeply over the past year on the state of the cryptocurrency industry.
made by Gemini CEO Cameron Winklevoss. Winklevoss had previously accused DCG of misrepresentation and called for Silbert’s resignation as CEO. Silbert’s letter, which does not directly address some of Winklevoss’ specific allegations, does include a Q&A session that addresses certain matters.
“Although DCG, our subsidiaries, and many of our portfolio companies are not immune to the effects of the present turmoil, it has been challenging to have my integrity and good intentions questioned after spending a decade pouring everything into this company and the space with an unrelenting focus on doing things the right way,” Silbert wrote.The Q&A part of Silbert’s letter goes on to explain how DCG interacts with its wholly-owned subsidiaries and portfolio companies.
The Q&A part further notes that DCG’s relationship with FTX was a $250K Series B investment in 2021 and an FTX trading account “with less than 1% of all our trading volume transacted on that platform.” “Barry has no personal or professional relationship with Sam Bankman-Fried,” the letter stresses. “Aside from a conversation in the Summer of 2022 and a few emails at the time, Barry does not recall ever meeting, speaking with, or otherwise privately communicating with him.
The Q&A section of the letter also addresses alleged ties between Digital Currency Group and Three Arrows Capital , the now-defunct cryptocurrency hedge fund. The letter asserts that “DCG has never had a relationship with Three Arrows Capital” and that Barry Silbert, CEO, has never met the 3AC executives. However, Silbert acknowledged that there had been an “introductory call with one of the co-founders in 2020.
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