DCG Writes to Shareholders To Detail Finances Amid US$900 Mln Twitter Feud With Winklevoss
Barry Silbert, founder and chief executive officer of the Digital Currency Group (DCG), wrote to his shareholders on Tuesday to provide more information about the financial relationship with its crypto lending subsidiary Genesis Global Capital. This follows speculation the company is in financial difficulties and accusations by Cameron Winklevoss, the co-founder of crypto exchange Gemini, who says the company made false statements.
DCG: Cameron Winklevoss Use Publicity Stunts to Deflect Blame From Himself and Gemini
In response to Gemini co-founder Cameron Winklevoss's latest open letter , Digital Currency Group @DCGco wrote on Twitter:
DCG Shareholder Letter: DCG Currently Owes Genesis Capital $525M
Each of DCG’s wholly-owned subsidiaries has its own bank accounts, securities accounts, and crypto accounts, and maintains separate books and records.
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.
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.
DCG Labels Gemini Co-Founder’s Allegations As “Publicity Stunts”
The Digital Currency Group (DCG) has responded to recent allegations made by Gemini co-founder Cameron Winklevoss against the DCG, calling them “desperate and unconstructive publicity stunts.”
Winklevoss vs Silbert: Gemini Founder Pressures DCG CEO To Step Down
Cameron Winklevoss, a co-founder of the cryptocurrency exchange Gemini, has written an open letter to the board of directors of Digital Currency Group, or DCG in short, in which he asserts that CEO Barry Silbert is “unfit” to oversee the company. After failing to meet the Jan 8 ultimatum of resolving the $900 million withdrawal pause, the Gemini founder hit back at the DCG chief, demanding his immediate removal from the CEO post.
US Authorities Investigating Financial Transactions between DCG and Genesis
The crypto winter has exposed the frailty in the business models of many companies in Web3, and the implosion of the FTX Derivatives Exchange back in November further aggravated the financial inconsistencies in Genesis and DCG as a whole.
Bitcoin Jumps Back Above $17,000
The price of Bitcoin, the world’s largest cryptocurrency, has managed to top the $17,000 benchmark once again.
Genesis Owner DCG Faces SEC, DOJ Probes
Federal prosecutors in New York, along with the SEC, are investigating Digital Currency Group (DCG) for internal transfers at its lending subsidiary Genesis, Bloomberg reported on Friday.
