Cameron Winklevoss ready to take legal steps against Barry Silbert from DCG
Cameron Winklevoss ready to take legal steps against Barry Silbert from DCG
The co-founder of Gemini-Cameron Winklevoss-said he could sue the CEO of the Digital Currency Group-Barry Silbert-for alleged fraud of over 340,000 EARN users.
The threat has applied shortly after Genesis (a subsidiary of DCG) has applied for creditor protection according to Chapter 11.
The verbal struggle continues
The partnership between Genesis and Gemini started at the end of 2020 and 2021 offer
However, The crash of ftx Preserver-Spaces = "True"> The operation of Genesis and its parent company, Digital Currency Group, and ultimately disturbed the above-mentioned cooperation affected.
as cryptopotato registered genesis (the stopped withdrawal The user at the end of November last year) owes more than 340,000 Gemini customers $ 900 million. The trading center led by Wiklevoss has set up a creditor committee to reclaim these funds, but so far without success.
Genesis could not cope with his problems and made span-preserver-spaces = "true"> for insolvency protection. Shortly after the message became known, Winklevoss threatened Silbert with "direct legal steps":
"If Barry and DCG do not come to reason and make the creditors a fair offer, we will shortly submit a lawsuit against Barry and DCG," he said.
On the other hand, he argued that the bankruptcy application was a "crucial step" that could enable Gemini customers to get their assets back. Genesis will be subject to judicial supervision and "be necessary to uncover the machinations that have brought us to this point," said the American investor.
Winklevoss assured that his platform would use "every available instrument" of the bankruptcy court to maximize the restoration of the customers concerned.
"We also believe that Genesis, DCG and Barry-in addition to the fact that they have to go back to the creditors of their entire money-in debt. The insolvency court offers an urgently needed forum.
Winkelvoss claims In early 2023, DCG Genesis owes over $ 1.6 billion. He claimed that the main character, which is held responsible for this "confusion", is Barry Silbert, who allegedly took these funds from "school teachers, to drive greedy stocks" and "illiquid risk investment". Silbert rejected these accusations and said: "DCG has not borrowed $ 1.675 billion of Genesis. DCG has never missed an interest payment on Genesis and is current for all outstanding loans; the next loan is May 2023. DCG has Genesis and its advisors on December 29 and no answer and no answer received. " The dispute escalated last week at Winklevoss pushed to be released immediately. He accused the latter of making false information, such as taking over the loss of $ 1.2 billion, which was suffered after Three Arrows Capital (3AC). The boss of Gemini further insisted that Silbert had proven to be "unsuitable" to guide DCG and did not try to solve the problems of the creditors. . The beginning of the spit