Gemini’s Founder Pressures DCG CEO Barry Silbert To Step Down – Crypto News – Crypto News
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Gemini’s Founder Pressures DCG CEO Barry Silbert To Step Down – Crypto News

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Cameron Winklevossa co-founder of the cryptocurrency exchange Gemini, has written an open letter to the board of directors of Digital Currency Group, or DCG in short, in which he asserts that CEO Barry Silbert is “unfit” to oversee the company. After failing to meet the Jan 8 ultimatum of resolving the $900 million withdrawal pause, the Gemini The founder hit back at the DCG chief, demanding his immediate removal from the CEO post.

Winklevoss Asks DCG CEO’s Removal

Winklevoss said in a letter dated January 10 that Silbert and Genesis Global Capital, a subsidiary of DCG, had misled more than 340,000 participants of the Gemini Earn program. The letter came after the co-founder of Gemini made an appeal to Silbert directly via Twitter on January 2. In the appeal, the co-founder stated that Genesis owed the crypto exchange millions of dollars and accused the CEO of hiding “behind lawyers, investment bankers, and process.”

Read More: Nearly $12 Billion Vanishes From Binance’s Assets; What’s Going On?

Cameron’s Open Letter to Silbert

Winklevoss claims that Genesis lent more than $2.3 billion to Three Arrows Capitala decision that ultimately resulted in a $1.2 billion loss for the cryptocurrency company when the investment firm collapsed in June 2022. He asserted that beginning in July 2022, Silbert, DCG, and Genesis planned a well-organized campaign of deception to make it appear as though DCG had provided the money to Genesis.

In Cameron’s latest letter, the crypto entrepreneur was quoted as saying,

[Silbert] has proven himself unfit to run DCG and unwilling and unable to find a resolution with creditors that is both fair and reasonable. There is no path forward as long as Barry Silbert remains CEO of DCG.

However, Silbert responded to Winklevoss’s letter. dated January 2 via Twitter — claiming that the DCG had delivered a proposal for resolving the dispute to Genesis & Winklevoss’s advisers on December 29 — it had not received a response from them. However, Silbert has since remained silent on the charges pressed against him.

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Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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