Gemini Slaps Lawsuit on DCG & Barry Silbert On Charges of Fraud
The lawsuit accused DCG and Silbert of committing fraud against the creditors and failing to return their funds. This development comes after Winklevoss put forward the final offer to DCG earlier this week for returning over $1 billion on its customers’ funds. advertisement In its filing, Cameron Winklevoss explains that Gemini was willing to discontinue its Earn product back in October 2022. However, Silbert convinced them to continue with the product despite knowing that Genesis was “massively insolvent”. The Winklevoss twin said that Barry Silbert lied despite major holes in Genesis ’s balance sheet. The troubles for Genesis started during the blowup of Three Arrows Capital (3AC) in June 2022. In his revelation, Cameron writes: When Three Arrows Capital (3AC) collapsed in June 2022, it blew a $1.2 billion hole in Genesis ’s balance sheet. Instead of coming clean, Genesis claimed that everything was business as usual because DCG...