DCG Has Responses To The Lawsuit From Gemini

Key Points:

• DCG has officially responded after Gemini co-founder Cameron Winklevoss announced that he had filed a lawsuit against the company and founder Barry Silbert.
• Silbert’s company denied Gemini’s accusations and argued that CEO Winklevoss was trying to deny responsibility for the Earn program.
• A protracted lawsuit could break out with $1.2 billion of user funds still in storage.

DCG has issued an official response to the lawsuit filed by Gemini CEO Cameron Winklevoss with disapproval of all allegations.

The back-and-forth between DCG and its “close” partner Gemini has been intense since its subsidiary, lending platform Genesis, filed for bankruptcy at the end of January this year. Genesis and Gemini have a partnership through Gemini’s Earn program, and the bankruptcy left $1.2 billion in Gemini user funds trapped on the platform.

In response to a recent lawsuit, Silbert’s company has denied Gemini’s allegations and said that this is just an advertising ploy by Gemini CEO to escape responsibility from the Earn program and $1.2 billion in user money.

In addition, DCG also denies all allegations that the company and its employees have any wrongdoing and considers these allegations to be unfounded defamation. This company attempted to negotiate a settlement for Genesis’ bankruptcy, while Gemini was not actively involved in the process. Neither Cameron nor Tyler Winklevoss has appeared in any recent face-to-face meetings.

The development is nothing new, but the fact that both companies are blaming each other could lead to a protracted lawsuit. User money still needs to be included while the two sides try to push and give.

As mentioned in the previous post, on July 7, Gemini co-founder Cameron Winklevoss tweeted that Gemini had filed a lawsuit against DCG and founder Barry Silbert. Winklevoss alleges that Barry was not only the mastermind and mastermind of the DCG and Genesis creditor scam but that he was directly and personally involved in this scam.

Besides, Winklevoss said it was a complicated lie, with DCG not taking losses and not providing actual capital. Barry, DCG, and Genesis conspired to fabricate false financial statements to hide the truth from Gemini and its creditors.

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