In an open letter to Barry Silbert, Gemini co-founder Cameron Winklevoss stated that Digital Forex Group owes Genesis roughly $1.675 billion.
- Cameron Winklevoss shared an open letter to Barry Silbert – the founding father of Digital Forex Group – on Twitter.
- On behalf of many individuals, he argued that Genesis – a subsidiary of DCG – owes $900 million to them.
- Winklevoss argued that the 2 corporations are “past commingled.”
- Moreover, he alleged that:
To be clear, this mess is completely your individual making. Digital Forex Group (DCG) – of which you’re the founder and CEO – owes Genesis (its wholly owned subsidiary) approx. $1.675 billion. That is cash that Genesis owes to Earn customers and different Collectors. You took this cash – the cash of schoolteachers – to gas grasping share buybacks, illiquid enterprise investments, and kamikaze Grayscale NAV trades that balooned the fee-generating AUM of your Belief…
- Silbert was fast to reply, saying:
DCG didn’t borrow $1.675 billion from Genesis.
DCG has by no means missed an curiosity fee to Geneiss and is present on all loans excellent; subsequent mortgage maturity is Could 2023.
DCG delivered to Genesis and your advisors a proposal on December twenty ninth and has not acquired any response.