Zinger Key Points
- Silbert said that DCG did not borrow the $1.675B from Genesis and is “current on all loans”.
- Winklevoss-owned Gemini gave investors the opportunity to obtain a potential 8% return by lending their tokens to Genesis.
- Today's manic market swings are creating the perfect setup for Matt’s next volatility trade. Get his next trade alert for free, right here.
Digital Currency Group CEO Barry Silbert has refuted Gemini co-founder Cameron Winklevoss's allegations that his venture capital company owes hundreds of millions to the cryptocurrency platform.
What Happened: Winklevoss said on Monday that DCG parent Genesis Global Capital owes Gemini’s clients $900 million, and despite waiting six weeks for a repayment agreement, he claimed Gemini is yet to receive any response on the matter.
Silbert countered saying that DCG did not borrow the $1.675 billion from Genesis and is “current on all loans” it has outstanding with them. He added that DCG made a proposal to Genesis and some advisors on Dec. 29 but has not been met with a response.
See More: Best Crypto Day Trading Strategies
The Dispute: Gemini Trust Co, a company operated by Winklevoss, gave investors the opportunity to obtain a potential 8% return by lending their cryptocurrency tokens to Genesis Global Capital through DCG. As per Bloomberg, Earn — the product involved in this transaction — had to be put on hold in November when it was found out that $175 million was stuck in an account at Sam Bankman-Fried's bankrupt crypto exchange FTX.
The Winklevoss twins accused Silbert of taking $1.675 billion and employing it for ends that aided other DCG ventures such as "greedy" share buybacks instead of repaying creditors.
Peter Schiff, a gold bull, said that Gemini customers were denied access to their funds due to a private creditor's liquidity or solvency issues, whereas the same would happen in a conventional bank due to a government mandate despite the money being physically present.
Earlier in December, Santiment said coins such as Ethereum Classic ETC/USD, Flow FLOW/USD, and Polkadot DOT/USD in DCG had fallen hard in recent days.
Price Action: At the time of writing, ETC was trading at $16.07, up 3.24% in the last 24 hours, outpacing Ethereum ETH/USD with 1.45% gains, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Trade Higher — Why This Analyst Is Calling A Bull Market As 2023 Unfold
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