Digital Foreign money Group (DCG) CEO Barry Silbert has lastly damaged his silence after a sequence of significant accusations from Gemini founder Cameron Winklevoss.
Silbert says in a brand new letter to shareholders that the previous 12 months has been probably the most tough certainly one of his life personally and professionally.
“Dangerous actors and repeated blow-ups have wreaked havoc on our trade, with ripple results extending far and extensive. Though DCG, our subsidiaries, and plenty of of our portfolio firms will not be proof against the results of the current turmoil, it has been difficult to have my integrity and good intentions questioned after spending a decade pouring every thing into this firm and the house with an unrelenting give attention to doing issues the correct manner.”
Winklevoss has blamed DCG founder Silbert for the collapse of the Gemini Earn program.
Underneath the Earn program, Gemini partnered up with crypto lender Genesis to offer merchants with as much as 8% returns on their holdings. Nevertheless, earlier this month Genesis introduced that FTX’s collapse significantly affected its funds and it may not pay out buyers of Gemini’s Earn program. Genesis’s dad or mum firm is DCG.
Winklevoss pins the blame for Genesis’ failures on Silbert. He claims the CEO has dedicated fraud and has known as on the DCG board to take away him as CEO.
The DCG Twitter account has defended Silbert and their group, calling Winklevoss’ claims “defamatory” and a “publicity stunt.”
Silbert says in his letter DCG at present owes Genesis Capital $447.5 million, 4,550 Bitcoin (BTC), and 14,048 Bitcoin Money (BCH).
“DCG has not borrowed from Genesis Capital since Might 2022, has by no means missed an curiosity fee, and is present on all loans excellent.”
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