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Winklevoss Publicly Accuses Genesis and DCG of Defrauding Its 340,000 Customers

According to Winklevoss, Genesis misrepresented its true financial position, publicly and privately, to Gemini, leading to the loss of funds for about 340,000 customers.

In the letter, Winklevoss laid the blame on DCG CEO Barry Silbert, stating the board should consider removing the executive before finding a way forward. 

It is worth mentioning that the affected customers earned interest by lending their crypto holdings through Genesis. However, the customers cannot access the $900 million in funds after Genesis ended reimbursements citing the effects of the FTX crypto exchange collapse. 

“There is no path forward as long as Barry Silbert remains CEO of DCG. He has proven himself unfit to run DCG and unwilling and unable to find a resolution with creditors that is both fair and reasonable,” Winklevoss wrote.

Related Readings:

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

Winklevoss vs Silbert: Gemini Founder Pressures DCG CEO To Step Down

DCG Labels Gemini Co-Founder’s Allegations As “Publicity Stunts”

US Authorities Investigating Financial Transactions between DCG and Genesis

Genesis Owner DCG Faces SEC, DOJ Probes

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