Cameron Winklevoss, co-founder of Gemini exchange, said that Genesis was maliciously distracting them.
In a letter to Barry Silbert, CEO of Genesis’ parent company, Digital Currency Group, Winklevoss had some harsh words about Genesis.
Gemini Founder Targets Genesis
Genesis has not yet resolved its problems with the cryptocurrency exchange Gemini. Cameron Winklevoss seems very angry that the problems experienced cannot be resolved.
Crypto lending firm Genesis Global, a subsidiary of Digital Currency Group (DCG), suspended withdrawals on November 16, 2022, shortly after the collapse of FTX. The company cited “unprecedented market turmoil” as the reason for this move. This move of Genesis caused Gemini to be badly affected as well.
The firm was the lending partner for the exchange’s Earn program. The program offered users a 7.4% return on cryptocurrency deposits. Due to the suspension of withdrawals, approximately $900 million of customers’ funds remained with Genesis. In addition, approximately 340,000 Earn users were adversely affected.
In a letter to DCG CEO Barry Silbert, Winklevoss explained that instead of finding a concrete solution, the platform has glossed over themselves with “malicious distraction tactics.” Winklevoss submitted a proposal on December 17 and updated on December 25, but suggested that Genesis refused to make a decision.
“Every time we ask you for a concrete commitment, you hide behind lawyers, investment bankers and the ongoing process. This behavior is not only unacceptable but also unreasonable.”
The Gemini founder additionally claimed that the crypto lending firm is in existence because of Barry Silbert.
Winklevoss claimed that DCG and Genesis did more than work together, despite Silbert’s efforts to distance both firms from each other.
“Everyone takes orders from you, and they always have. Anything you do to claim otherwise will not be valid after the event. If instead you had put all that energy into finding a solution, we’d be done by now. Everyone, including you, would be in a better place.”
Winklevoss gave Silbert until January 8, 2023, to work together and find a solution to the problem.
“We are ready and willing to work with you. But time is running out”
36195
