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DCG Did Not Ensure Genesis Capital After It Lost $1.2 Billion in 3AC

Cameron Winklevoss, the founder of Gemini, has issued another open letter on Genesis, a prominent crypto-lending firm.

The founder highlighted that Genesis had lost nearly $1.2 billion after the collapse of 3AC, a Singapore-based hedge fund. Post this, it was announced that DCG had “injected $1.2 billion” to support Genesis’ capital. However, Winklevoss claimed that this never took place in actuality. Instead, DCG had “entered into a promissory note with the crypto-lending platform.

The founder said,

“In reality, DCG had not ensured that Genesis had the capital to operate. In fact, DCG hadn’t given Genesis so much as a penny of actual funding to make up for the 3AC losses. Instead, DCG entered into a 10-year promissory note with Genesis at an interest rate of 1% – due in 2032.“

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