Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, has penned an open letter to the board of Digital Currency Group, or DCG, saying CEO Barry Silbert was “unsuited” to run the company.In a Jan 10. letter, Winklevoss declared Silbert and Genesis Global Capital– a subsidiary of DCG– had actually defrauded more than 340,000 users who belonged of Gemini’s Earn program. The letter followed a Jan. 2 appeal on Twitter to Silbert directly, in which the Gemini co-founder said Genesis owed Gemini $900 million, implicating the CEO of hiding “behind attorneys, financial investment lenders, and process.” Gemini later on informed its users that it had terminated its Earn program effective as of Jan. 8.

According to Winklevoss, Genesis provided more than $2.3 billion to Three Arrows Capital, a move which ultimately left the crypto company with a loss of $1.2 billion once the hedge fund stopped working in June 2022. He claimed Silbert, DCG, and Genesis managed “a carefully crafted campaign of lies” starting in July 2022 in an effort to reveal DCG had injected the funds into Genesis by consisting of a 10-year promissory note as part of its assets.Winklevoss declared

Genesis CEO Michael Moro was complicit in this duplicity, by issuing”incorrect and misleading “declarations on social networks concerning DCG offering capital to Genesis. In addition, he claimed certain DCG personnel had worked behind the scenes to cover the lack of “appropriate capitalization” at Genesis. Related: Crypto investors sue Winklevoss twins over interest accounts onGemini According to the Gemini co-founder, any accounting abnormalities of which DCG and Silbert had been a part might have been overlooked had FTX not collapsed within a matter of months. He alleged there were”recursive trades”in between Three Arrows and the Grayscale Bitcoin Trust in what he called “successfully swap deals”for Genesis of Bitcoin(BTC)for GBTC– a move in which Genesis ultimately lost and did not properly report on its balance sheets. “These misrepresentations […] were a deception created to make it look like if Genesis was solvent and able to fulfill its obligations to lending institutions, without DCG really devoting to the financial support required to make this true. DCG wanted to have its cake and consume it too.”Earn Update: An Open Letter to the Board of

@DCGco pic.twitter.com/eakuFjDZR2!.?.!— Cameron Winklevoss( @cameron)January 10, 2023 In a statement to Pandoraland, a DCG spokesperson called the letter a”desperate and unconstructive publicity stunt,” claiming Winklevoss and Gemini were” solely responsible for operating Gemini Earn and marketing the program to its consumers.”The firm suggested it might pursue legal action if necessary.Silbert attended to some of Winklevoss ‘claims in a Jan. 10 letterto shareholders, in which he said Genesis had a”trading and lending relationship”with both Three Arrows and Alameda Research. He included that DCG did not get any”cash, cryptocurrency, or other kind of payment” for a$1.1-billion

promissory note for Genesis’liabilities.”DCG presently owes Genesis Capital (i)$447.5 M * in USD and(ii)4,550 BTC(~$78M ), which grows in May 2023, “stated Silbert.”DCG obtained$500M in USD between January and May 2022 at interest rates of 10 %-12%.” Cast your vote now!Unlike in his Jan. 2 letter, Winklevoss straight called on the DCG board to get rid of Silbert in an effort to provide a resolution for Earn users. In action to that letter, Silbert declared”DCG did not obtain$1.675 billion from Genesis” and “never missed out on an interest payment to Genesis and is existing on

all loans exceptional.””There is no course forward as long as Barry Silbert stays CEO of DCG, “said Winklevoss.” He has shown himself unsuited to run DCG and reluctant and not able to discover a resolution with creditors that is both reasonable and sensible. As an outcome, Gemini, acting on behalf of 340,000 Earn users, demands that the Board remove Barry Silbert as CEO.”This article was upgraded on Jan. 10 to consist of a reaction from Digital Currency Group and Barry Silbert.