Gemini users have requested class action arbitration against Genesis Global Capital
Cameron Winklevoss accused DCG CEO Barry Silbert of misusing $1.675 billion in funds
Cameron Winklevoss, who co-founded crypto exchange Gemini Trust Co with his twin brother, accused Digital Currency Group (DCG) CEO Barry Silbert of “bad faith stall tactics” on Monday and demanded that he commit to resolving $900 million in disputed customer assets by January 8.
Cameron Winklevoss slammed Silbert on Twitter. According to the open letter on Twitter, Gemini has been waiting for word on a repayment agreement for six weeks with no success. Further, Winklevoss accused Silbert of misusing $1.675 billion in funds that Winklevoss claimed DCG owed Genesis for purposes other than repaying creditors. He said,
“You took this money - the money of schoolteachers - fo fuel greedy share buybacks, illiquid venture investments, and kamikaze Grayscale NAV trades that ballooned the fee-generating AUM of your Trust, all at the expense of creditors and all for your own personal gain.”
Notably, three Gemini Earn users have requested class action arbitration against Genesis Global Capital and Digital Currency Group in response to Gemini suspending its Earn redemption programme due to Genesis freezing withdrawals. Since the FTX crash, Genesis has been dealing with major problems. It halted withdrawals in November while its creditors made desperate pleas to avoid bankruptcy.