Gemini Files Lawsuit Against Digital Currency Group and CEO Barry Silbert
- Gemini, a cryptocurrency exchange based in the US, has filed a lawsuit against Digital Currency Group (DCG) and its CEO Barry Silbert.
- The lawsuit accuses DCG of defrauding customers and highlights unpaid debts.
- Gemini claims that Genesis, a company associated with DCG, is responsible for the fraud.
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Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has taken legal action against Digital Currency Group (DCG) and its CEO Barry Silbert. The lawsuit, announced by Cameron Winklevoss, alleges that DCG has defrauded customers and emphasizes the unpaid debts. Winklevoss also accuses Barry Silbert, the founder of DCG, of being the mastermind behind the Genesis and DCG fraud.
This lawsuit aims to recover the damages and losses suffered by Gemini from the defendants. DCG and Silbert’s false, misleading, and incomplete statements have played a significant role in defrauding Gemini and Genesis throughout the process.
DCG Denies the Allegations
DCG wasted no time in responding to the lawsuit. The company, through its official social media accounts, accused Gemini of running an advertising campaign. DCG stated that the entire lawsuit is based on misleading claims and emphasized that they continue to work with creditors and are nearing the end of the arbitration process.
It All Started with the Genesis Bankruptcy
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Last year, Genesis, a cryptocurrency lending platform under the management of DCG, was affected by the bankruptcies in the crypto market. Genesis completely halted customer withdrawals, which led to a significant strain between Genesis and Gemini. As a result of Genesis’ operations being suspended, over $1.2 billion in assets belonging to 232,000 Earn users of Gemini were trapped on the platform.
Throughout the process, Gemini repeatedly threatened to sue CEO Barry Silbert, and Genesis eventually had to file for bankruptcy. On July 4th, Cameron Winklevoss made a final offer to DCG through social media, giving them until July 6th to accept the agreement. The offer covered a total debt of $1.46 billion, but there has been no response from DCG.