Gemini co-founder Cameron Winklevoss accused DCG owner Barry Silbert Monday of 'bad faith stall tactics' in their $900 million dispute brought on by the implosion of FTX. Silbert responded that DCG submitted a proposal last week. by LizKNapolitano
The co-founder of crypto exchange Gemini has accused Digital Currency Group CEO Barry Silbert of “bad faith stall tactics” as their respective companies lock horns over a business disagreement precipitated by FTX’s multi-billion-dollar implosion late last year., alleging crypto broker Genesis Global Capital and its parent company, DCG, owe Gemini’s clients $900 million. The letter alleges Gemini has awaited word on a repayment agreement for six weeks to no avail.
Winklevoss also accused DCG CEO Barry Silbert of using $1.675 billion in money Winklevoss claimed DCG"owes" Genesis and using it for purposes that helped other DCG ventures instead of repaying creditors. DCG does have a $1.1 billion promissory note related to liabilities from Genesis related to the Three Arrows Capital default and in November Silbertthat DCG had a roughly $575 million liability to Genesis Global that is due this May.
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