Cameron Winklevoss accuses crypto exec of 'disingenuous' behavior as Gemini ... trends now
Crypto-exchange Gemini Trust Co co-founder Cameron Winklevoss is publicly accusing fellow digital asset executive Barry Silbert of 'bad faith stall tactics' related to nearly $1billion worth of Gemini customers' assets that have been frozen for more than a month.
In an open letter posted to Twitter, Winklevoss, 41, alleged that Silbert, CEO of Digital Currency Group, has been stalling for over a month on returning the money it owes to users of Gemini's Earn program.
Under the Earn program, investors lent Gemini crypto assets in exchange for interest payments of up to eight percent. Gemini in turn lent those assets to Genesis Global Capital - one of the companies owned by Digital Currency Group.
Cameron Winklevoss, 41, has publicly asked fellow crypto-executive Barry Silbert to return his customer's funds, which were likely lost when FTX imploded in November
Winklevoss, who runs Gemini Trust Co. - a crypto exchange - has customers who are owed $900million that the firm lent to Genesis, a DCG subsidiary
Genesis halted withdrawals in early November following the collapse of crypto-trading firm FTX. Reportedly, Genesis had significant loans outstanding to FTX's sister firm, Alameda Research, and halted all transactions citing its implosion.
That halt has caused a liquidity crisis for Gemini that the Winklevoss twins now appear to be litigating via Twitter war in real time.
In the letter he posted Monday, Winklevoss accused Silbert of repeatedly dodging Gemini executives for the last month and a half and refusing to set up a repayment plan of the $900 million Gemini lent Genesis.
Gemini and Tyler and Cameron Winklevoss were sued last week by investors for fraud and for allegedly selling interest-bearing accounts without registering them as securities.
Winklevoss accused Digital Currency Group of owing $1.675billion to Genesis, money that could be used to pay back Gemini, as well as other lenders to Genesis.
In an online