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It appears Gemini’s Winklevoss wants to end Barry Silbert’s reign at DCG, citing corruption and mismanagement as grounds for such swift action against him
In an open letter to the board of Digital Currency Group, Gemini co-founder Cameron Winklevoss has called for the immediate removal of Barry Silbert as CEO due to his alleged role in defrauding Gemini and Earn users.
Winklevoss claims that Genesis Global Capital (Genesis) and its parent company DCG engaged in a campaign of false statements and misrepresentations to make Gemini, Earn users and other lenders believe that DCG had injected $1.2 billion into Genesis – without actually doing so.
“These misrepresentations were a sleight of hand designed to make it appear as if Genesis was solvent,” said Winklevoss in the letter. He went on to accuse Silbert of being motivated by greed, which resulted in failed hedge fund 3AC receiving loans from Genesis, given the low quality of the collateral posted.
“For all these reasons,” said Winklevoss, “there is no path forward as long as Barry remains CEO at DCG… These lenders deserve a resolution for their recovery and can only be achieved with new management at DCG.”
As such, Winklevoss requested that the board remove Silbert immediately and install a new CEO who can fix those issues under his or her watch.
This was preceded by another open letter written by Cameron and Tyler Winklevoss that accused DCG and Genesis of using “bad-faith stall tactics” in order to avoid repaying their debts. The two owe Gemini users a staggering $900 million. Silbert, one of the most influential crypto entrepreneurs, has dismissed these accusations.
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