Gemini’s C. Winklevoss Issues Ultimatum to DCG CEO B. Silbert, Says DCG and Genesis Are ‘Beyond Commingled’

Gemini co-founder heavilily criticizes DCG CEO Barry Silbert

Winklevoss said that Gemini has tried time and time again over the last six weeks to contact Silbert and solve the liquidity issues. However, he said that it’s becoming clear that Silbert has been “engaging in bad faith stall tactics.”

“It’s not lost on us that you started your career as a bankruptcy restructuring associate. And it’s not lost on us that you’ve been working desperately to try and firewall DCG from the problems that you created at Genesis. You should dispense with this fiction because we all know what you know – that DCG and Genesis are beyond commingled. Everyone takes orders from you and always has,” Winklevoss said.

Winklevoss accused Silbert of taking Gemini Earn users’ deposits and using them to “fuel greedy share buybacks, illiquid venture investments, and kamikaze Grayscale NAV trades that ballooned the fee-generating AUM of your Trust.” According to Winklevoss, Silbert borrowed $1.675 billion from Genesis, DCG’s wholly-owned subsidiary.

“The idea that you can quietly hide in your ivory tower and that this will all just magically go away, or that this is someone else’s problem, is pure fantasy. To be clear, this mess is entirely of your own making. […]. It is now time for you to take responsibility for this and do the right thing,” Winklevoss said.

Winklevoss said that Gemini Earn users are “tired”, “scared”, and in “dire straits”. He issued a request for Silbert to “publicly commit and solve this problem by January 8th, 2023.”

“Earn users are tired. They’re scared. Many are now in dire straits. And yet despite all that they have had to endure, they have been remarkably patient and supportive. But there is only so much more they can take. They deserve a resolution for a recovery of the assets they lent to you and an end to this nightmare. To that end, and for the final time, we are asking you to publicly commit to working together to solve this problem by January 8th, 2023. We remain ready and willing to work for you, but time is running out,” he said.

Gemini Earn halted withdrawals on November 17, right after Genesis Global Capital suspended redemptions and new loan originations in the wake of the bankruptcy of FTX.

Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.

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