Gemini co-founder and president Cameron Winklevoss wrote an open letter to the Digital Currency Board, accusing the venture capital firm and its daughter company Genesis of defrauding more than 340,000 Gemini and Earn users.
Winklevoss said DCG and its CEO Barry Silbert, as well as other key executives, created false statements to misrepresent the solvency and financial health of Genesis.
They achieved this by misleading Gemini and other lenders “into believing that DCG had absorbed massive losses that Genesis incurred from the Three Arrows Capital collapse” and encouraged lenders to continue lending money to Genesis,” Winklevoss says.
Winklevoss accused DCG, Genesis, and Silbert of pretending to have addressed the $1.2 billion loss Genesis sustained after lending $2.36 billion to 3AC, which went bankrupt in June 2022.
The billionaire called for Silbert to step down from his role as the CEO of DCG as he proved “unfit” to run the VC company.
This article originally appeared on The Tokenist
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