Gemini CEO Cameron Winklevoss demanded the removal of Digital Currency Group CEO Barry Silbert in an open letter, escalating an ongoing spat over the frozen funds of the exchange’s Earn users.
“I’m writing to let you know that Gemini and more than 340,000 Earn users have been defrauded by Genesis Global Capital LLC, together with its parent company Digital Currency Group” he wrote, alleging that Genesis had mislead the company, Earn users and the public about the company’s solvency and financial health.
Earlier in January, Winklevoss had accused Silbert of stalling efforts to reclaim funds for Gemini Earn users, accusing the head of “bad faith stall tactics” and comingling funds at his conglomerate.
The letter lays out what the company believes happened in relation to DCG’s involvement with failed hedge fund 3AC. Winklevoss said that Silbert failed to take action to absorb the shock following 3AC’s collapse.
“He chose not to fill the $1.2 billion hole,” he wrote. “Instead he pretended to.”
He also demanded the removal of Silbert as CEO, saying there is “no path forward” with him in control of the company.
DCG did not immediately respond to a request fort comment from The Block.
This is a developing story.
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Source: https://www.theblock.co/post/200442/gemini-ceo-winklevoss-escalates-dcg-spat-demands-removal-of-silbert?utm_source=rss&utm_medium=rss