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News

Cameron Winklevoss Threatened To Sue Against DCG CEO After Genesis Filed For Bankruptcy

January 20, 2023 - Around 2 mins mins to read

Key Points:

  • Unless Barry Silbert and DCG “come to their senses and make a fair offer to creditors,” Cameron Winklevoss is prepared to sue them.
  • Winklevoss asserted that Barry Silbert and DCG are nonetheless accountable despite Genesis’ bankruptcy.
Cameron Winklevoss, a co-founder of Gemini, threatened to sue Digital Currency Group (DCG) and its CEO Barry Silbert if they did not make a fair offer to creditors like the 340,000 users of Gemini Earn. This action comes after Winklevoss engaged in a Twitter battle with DCG to recoup the loan while his exchange had its own issues.
Cameron Winklevoss Threatened To Sue Against DCG CEO After Genesis Filed For Bankruptcy

Winklevoss referred to the lender’s insolvency as a “crucial step” towards recouping the assets of Gemini users. He still plans to file a lawsuit against Silbert and Genesis’ parent organization, DCG in order to “direct legal action against Barry, DCG, and others who share responsibility for the fraud that has caused harm to the 340,000+ Earn users and others duped by Genesis and its accomplices.”

The most recent actions come after a public argument between Silbert and Winklevoss that lasted for several weeks over the repayment of a $900 million loan Gemini paid to Genesis. The removal of Silbert from DCG was also demanded by Winklevoss, who claimed that Silbert had misappropriated monies among the several companies he oversees.

Cameron Winklevoss Threatened To Sue Against DCG CEO After Genesis Filed For Bankruptcy

He also said that Silbert or DCG are not shielded by Genesis’ bankruptcy.

Beginning in 2023, Winklevoss said that DCG owes Genesis more than $1.6 billion. He stated that Barry Silbert should receive the majority of the responsibility for this mess since he is accused of using teachers’ money to finance selfish share buybacks and illiquid venture investments.

The notification of Genesis’ bankruptcy comes while both businesses are involved in a conflict with authorities. In a complaint filed late last week, the U.S. Securities and Exchange Commission (SEC) claimed Gemini and Genesis offered unregistered securities.

One of the fifty biggest Genesis creditors is the cryptocurrency exchange Gemini, along with the trading behemoth Cumberland, Mirana, MoonAlpha Finance, and VanEck’s New Finance Income Fund, according to a bankruptcy petition released late on Thursday night.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Barry Silbert

Cameron Winklevoss

DCG

Gemini Earn

Genesis

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.