Gemini, the cryptocurrency exchange founded by the wealthy Winklevoss brothers, has filed a legal complaint against Digital Currency Group (DCG) and its CEO and founder, Barry Silbert.

In a July 7 Twitter thread, Cameron Winklevoss of Gemini accused DCG and its CEO, Barry Silbert, of fraud and deception. According to Winklevoss, DCG and Silbert were involved in a scheme to hide Genesis’s insolvency and deceive creditors. DCG is the parent company of Genesis. 

Silbert Hid “Gaping Hole on Genesis’s Balance Sheet”

Cameron Winklevoss has previously threatened to sue Silbert and DCG over the repayment of a $900 million loan after Genesis filed for bankruptcy. Gemini had a close connection to Genesis, and steered investors to the platform, through its Gemini Earn division.

In the complaint, Winklevoss claimed that when Gemini decided to terminate its Earn program in October 2022, Silbert contacted Gemini to convince the exchange to continue the program. “He did those knowing Genesis was massively insolvent,” claimed Winklevoss.

Genesis, the lender, powered Gemini Exchange’s Earn program, offering depositors yields of up to 8%. Depositors entrusted thei

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Author: Josh Adams

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