Cameron Winklevoss, Co-founder of Gemini, publishes an open letter to CEO of DCG, alleging DCG knowingly lied to its counterparties

Cameron Winklevoss, co‑founder of the Gemini crypto exchange, published an open letter on Twitter/X addressed to Digital Currency Group (DCG) CEO Barry Silbert, accusing DCG and Silbert of misleading Gemini and other counterparties about DCG’s financial position and its support for subsidiary Genesis Global Capital. The dispute centers on funds owed to users of Gemini Earn, a yield product through which Gemini lent customer assets to Genesis; Genesis halted withdrawals in November 2022 after the FTX collapse, later entered restructuring/bankruptcy, and left an estimated more than $1 billion in Gemini customer assets trapped. In his letters and subsequent statements, Winklevoss alleges that DCG engaged in “fraudulent behavior,” including misrepresentations around a $1.1 billion promissory note DCG issued to Genesis after earlier losses, and that DCG knowingly lied about Genesis’s capitalization and solvency to counterparties such as Gemini. Winklevoss’s open letter is part of an escalating, public confrontation between Gemini and DCG over who is responsible for the shortfall and how Genesis’s creditors, including roughly 232,000 Gemini Earn users, will be repaid. He has called for Silbert’s removal as DCG CEO, claimed DCG abused the mediation and restructuring process to delay a resolution, and threatened or pursued litigation if DCG does not agree to terms that, in Gemini’s view, make customers whole. DCG and Silbert have rejected accusations of fraud and maintain that DCG acted appropriately, framing the conflict as a complex restructuring dispute rather than deliberate deception. The episode highlights counterparty risk in centralized yield programs, the legal and reputational fallout from the 2022 crypto credit crisis, and the vulnerability of retail users who accessed lending markets through intermediaries like Gemini and Genesis.

✨ AI-generated background, compiled from web sources — not editorial content.

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