The legal drama between the Winklevoss twins and Digital Currency Group (DCG) CEO Barry Silbert is continuing as Cameron Winklevoss responds to Silbert’s latest move.
Silbert and DCG, the parent company of Genesis, filed a motion earlier this week asking the court to dismiss the lawsuit arising from the debt the crypto exchange Gemini says is owed to users of their Earn program.
Cameron Winklevoss, who co-founded Gemini with his twin brother Tyler, says Silbert and DCG’s motion “is filled with carefully crafted statements that are incredibly revealing.”
“For example, they claim they ‘had virtually nothing to do with the Gemini Earn program.’ This is a direct admission that they did in fact have something to do with the Gemini Earn program. Lol.
They also claim that they ‘owed no duty to Gemini to correct the allegedly false misstatements of [Genesis].’ You’ve got to be kidding me. When a company you own says you wrote a $1.1 billion dollar check that you know you didn’t write, yes, you have a duty to correct this. Sorry, but this doesn’t even pass the giggle test.”
Gemini Earn enabled customers to loan their crypto assets to institutional borrowers to earn interest, but the Winklevoss twins say that when Genesis became insolvent, it defaulted on $1.2 billion worth of assets that belong to 232,000 Earn users.
Gemini filed the suit last month claiming that Silbert and DCG fraudulently created financial reports to trick their creditors and maintain the illusion that everything was in order.
Genesis filed for Chapter 11 bankruptcy in January.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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