Cameron Winklevoss, the co-founder of Genesis and one of the Winklevoss brothers, wrote an open letter to the board of its parent company Digital Currency Group Ltd.
He claims Genesis Global Capital LLC has defrauded more than 340,000 Earn users. In his open letter, he explains that Genesis lent $2.36 bn of assets to 3AC, a Singapore-based hedge fund that went belly up in June 2022. After the collateral was liquidated Genesis showed a loss of $1.2 bn.
CEO of Gemini Barry Silbert refused to restructure the Genesis loan book or fill the $1.2 bn hole. This made Cameron Winklevoss request the DCG board to remove Barry from his CEO position and install a new CEO to work together & achieve a out-of-court solution for Genesis.