DCG CEO Barry Silbert expands upon ‘most difficult year’ following Gemini founder allegations

• DCG CEO Barry Silbert has addressed the issues surrounding his crypto conglomerate in a latest letter to his shareholders.
• Silbert is concerned in a tussle with Gemini’s Cameron Winklevoss over an alleged non-payment of $900 million.

Barry Silbert, the CEO Digital Foreign money Group (DCG), has responded to the rising issues surrounding his crypto conglomerate. In a letter to DCG’s shareholders on 10 January, Silbert clarified the connection between the corporate and its subsidiaries. He additional addressed the allegations made by Gemini’s Cameron Winklevoss on 10 January. 

DCG CEO blames unhealthy actors and repeated blow-ups

Barry Silbert blamed the present predicament of the Digital Foreign money group on unhealthy actors and repeated blow-ups which have wreaked havoc on the crypto trade in 2022. Silbert described it because the ‘most tough 12 months’ of his life, the place his integrity and good intentions have been known as into query.

Talking on DCG’s relationship with Genesis, the CEO revealed that the mother or father firm at the moment owes $447.5 million to Genesis Capital, together with 4550 BTC, which matures in Could 2023. This was along with the $1.2 billion promissory observe from when DCG took over Genesis’ chapter declare in opposition to Three Arrows Capital, the defunct crypto hedge fund that went underneath through the crypto contagion in 2022. 

Within the Q/A piece of his letter, Silbert clarified that DCG by no means had a relationship with Alameda Analysis. Nonetheless, the agency did have a small publicity of $250,000 as an fairness funding in FTX’s collection B funding spherical. 

Scathing letter from Gemini’s Cameron Winklevoss

Cameron Winklevoss, the co-founder and President of crypto alternate Gemini, penned an open letter to Barry Silbert on 10 January. The letter accused Silbert’s agency of accounting fraud and known as for his removing as CEO. Winklevoss claimed that there was no path ahead with Barry Silbert on the helm of DCG. 

The Digital Foreign money Group responded to the Gemini President’s tweet shortly after it was posted, saying:

“That is one other determined and unconstructive publicity stunt from @cameron to deflect blame from himself and Gemini, who’re solely chargeable for working Gemini Earn and advertising this system to its prospects.”

That is one other determined and unconstructive publicity stunt from @cameron to deflect blame from himself and Gemini, who’re solely chargeable for working Gemini Earn and advertising this system to its prospects.

— Digital Foreign money Group (@DCGco) January 10, 2023

In the meantime, Gemini terminated its Earn Program and ended the grasp mortgage settlement (MLA) between its prospects and Genesis. The termination requires Genesis to return all locked up belongings excellent in this system.