Gemini’s Cameron Winklevoss Threatens Lawsuit Against DCG CEO Barry Silbert

Gemini CEO Cameron Winklevoss has threatened legal action against Digital Currency Group (DCG) CEO Barry Silbert.

Winklevoss and Silbert have been locked in a public spat over the repayment of a $900 million loan Gemini made to Genesis.

Earlier, crypto lender Genesis, which DCG parents, filed for Chapter 11 bankruptcy.

Winklevoss called the lender’s bankruptcy a “crucial step” toward recovering Gemini users’ assets.

Winklevoss had asked Silbert to be ousted from DCG. Winklevoss alleges that Silbert had mixed funds between the numerous companies he manages.

However, in its voluntary petition for chapter 11 bankruptcy, Genesis Global Capital disputed some of Gemini’s claims. Genesis pointed out that the $900 million loan is the net proceed from the foreclosure of certain assets and disputes whether the foreclosure satisfied applicable law.

Gemini and Genesis partnered in 2021 for Gemini Earn, a high-yield-bearing offering serving hundreds of thousands of U.S. investors.

Due to a series of bad loans, Genesis suspended redemptions and new loan originations. Without access to their funds, Gemini Earn users turned on Winklevoss, suing him and his co-founder brother for alleged fraud.

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