Digital Currency Group (DCG) CEO Barry Silbert has finally broken his silence after a series of serious accusations from Gemini founder Cameron Winklevoss.
Silbert says in a new letter to shareholders that the past year has been the most difficult one of his life personally and professionally.
“Bad actors and repeated blow-ups have wreaked havoc on our industry, with ripple effects extending far and wide. Although DCG, our subsidiaries, and many of our portfolio companies are not immune to the effects of the present turmoil, it has been challenging to have my integrity and good intentions questioned after spending a decade pouring everything into this company and the space with an unrelenting focus on doing things the right way.”
Winklevoss has blamed DCG founder Silbert for the collapse of the Gemini Earn program.
Under the Earn program, Gemini partnered up with crypto lender Genesis to provide traders with up to 8% returns on their holdings. However, earlier this month Genesis announced that FTX’s collapse greatly affected its finances and it could no longer pay out investors of Gemini’s Earn program. Genesis’s parent company is DCG.
Winklevoss pins the blame for Genesis’ failures on Silbert. He claims the CEO has committed fraud and has called on the DCG board to remove him as CEO.
The DCG Twitter account has defended Silbert and their group, calling Winklevoss’ claims “defamatory” and a “publicity stunt.”
Silbert says in his letter DCG currently owes Genesis Capital $447.5 million, 4,550 Bitcoin (BTC), and 14,048 Bitcoin Cash (BCH).
“DCG has not borrowed from Genesis Capital since May 2022, has never missed an interest payment, and is current on all loans outstanding.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Generated Image: Midjourney