In an open letter to Barry Silbert, Gemini co-founder Cameron Winklevoss said that Digital Currency Group owes Genesis approximately $1.675 billion.
- Cameron Winklevoss shared an open letter to Barry Silbert – the founder of Digital Currency Group – on Twitter.
- On behalf of many people, he argued that Genesis – a subsidiary of DCG – owes $900 million to them.
- Winklevoss argued that the two companies are “beyond commingled.”
- Furthermore, he alleged that:
To be clear, this mess is entirely your own making. Digital Currency Group (DCG) – of which you are the founder and CEO – owes Genesis (its wholly owned subsidiary) approx. $1.675 billion. This is money that Genesis owes to Earn users and other Creditors. You took this money – the money of schoolteachers – to fuel greedy share buybacks, illiquid venture investments, and kamikaze Grayscale NAV trades that balooned the fee-generating AUM of your Trust…
- Silbert was quick to respond, saying:
DCG did not borrow $1.675 billion from Genesis.
DCG has never missed an interest payment to Geneiss and is current on all loans outstanding; next loan maturity is May 2023.
DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response.