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Cameron Winklevoss, a co-founder of the cryptocurrency exchange Gemini, has written an open letter to the board of directors of Digital Currency Group, or DCG in short, in which he asserts that CEO Barry Silbert is “unfit” to oversee the company. After failing to meet the Jan 8 ultimatum of resolving the $900 million withdrawal pause, the Gemini founder hit back at the DCG chief, demanding his immediate removal from the CEO post.
Winklevoss Asks DCG CEO’s Removal
Winklevoss said in a letter dated January 10 that Silbert and Genesis Global Capital, a subsidiary of DCG, had misled more than 340,000 participants of the Gemini Earn program. The letter came after the co-founder of Gemini made an appeal to Silbert directly via Twitter on January 2. In the appeal, the co-founder stated that Genesis owed the crypto exchange millions of dollars and accused the CEO of hiding “behind lawyers, investment bankers, and process.”
Earn Update: An Open Letter to the Board of @DCGco pic.twitter.com/eakuFjDZR2
— Cameron Winklevoss (@cameron) January 10, 2023
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Cameron’s Open Letter To Silbert
Winklevoss claims that Genesis lent more than $2.3 billion to Three Arrows Capital, a decision that ultimately resulted in a $1.2 billion loss for the cryptocurrency company when the investment firm collapsed in June 2022. He asserted that beginning in July 2022, Silbert, DCG, and Genesis planned a well-organized campaign of deception to make it appear as though DCG had provided the money to Genesis.
In Cameron’s latest letter, the crypto entrepreneur was quoted as saying,
[Silbert] has proven himself unfit to run DCG and unwilling and unable to find a resolution with creditors that is both fair and reasonable. There is no path forward as long as Barry Silbert remains CEO of DCG
Although, Silbert responded to Winklevoss’s letter dated January 2 via Twitter — claiming that DCG had delivered a proposal for resolving the dispute to Genesis & Winklevoss’s advisers on December 29 — it had not received a response from them. However, Silbert has since remained silent on the charges pressed against him.
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