Gemini Co-founder Targets Barry Silbert Over Genesis Withdrawals

• Winklevoss suggested that Barry Silbert have an emergency meeting with Gemini team.
• The Gemini Earn users are exhausted and in a bind, as Winklevoss noted in his letter.

Cameron Winklevoss, co-founder of Gemini, expressed frustration in an open letter to Barry Silbert, CEO of Digital Currency Group (DCG), about the company’s slow response in regards to stopping Genesis withdrawals. About 340,000 Earn customers are still waiting for withdrawals to be restored, and he addressed their plight. Collectively, the users had entrusted over $900 million, he claimed. To sum up, Winklevoss suggested that Barry Silbert have an emergency meeting with the Gemini management.

Winklevoss also said that Genesis owes Earn customers and other creditors $1.675 billion, which was originally due by Digital Currency Group (DCG). He urged that they immediately accept accountability for their actions. He further implied that Silbert was shielding DCG from the issues at Genesis. The Gemini Earn users are exhausted and in a bind, as Winklevoss noted in his letter.

Winklevoss stated:

“For the past six weeks, we have done everything we can to engage with you in a good faith and collaborative manner in order to reach a consensual resolution for you to pay back the $900 million that you owe.”

Dispelled Speculation Over Bankruptcy

Genesis made a pivotal decision about withdrawals on November 16, 2022, shortly after the FTX crash. For the time being, the cryptocurrency investment bank’s lending section has suspended withdrawals and new loan applications. And thus it was assumed that Genesis would soon declare bankruptcy as well, just like FTX. But Genesis dispelled speculation that it was about to file for bankruptcy.

When discussing this issue, Gemini’s co-founder approached Silbert with a request to find a solution by January 8, 2023. He continued, saying it was becoming obvious that Silbert had been using bad faith techniques in endeavoring to resume withdrawals.

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