bitcoin
Bitcoin (BTC) $ 23,363.26
ethereum
Ethereum (ETH) $ 1,659.96
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 329.23
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.410081
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.093663
cardano
Cardano (ADA) $ 0.400372
solana
Solana (SOL) $ 24.55
matic-network
Polygon (MATIC) $ 1.23
polkadot
Polkadot (DOT) $ 6.88
tron
TRON (TRX) $ 0.063865
bitcoin
Bitcoin (BTC) $ 23,363.26
ethereum
Ethereum (ETH) $ 1,659.96
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 329.23
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.410081
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.093663
cardano
Cardano (ADA) $ 0.400372
solana
Solana (SOL) $ 24.55
matic-network
Polygon (MATIC) $ 1.23
polkadot
Polkadot (DOT) $ 6.88
tron
TRON (TRX) $ 0.063865
Saturday, February 4, 2023
HomeMarket UpdatesDCG doesn’t must return the funds

DCG doesn’t must return the funds


  • Cameron accused Silbert of misrepresenting statements to Gemini on how the corporate was capitalized  
  • DCG’s duty for Genesis restructuring and chapter primarily based on non-callable $1.1b promissory word

The feud between Gemini crypto alternate cofounder Cameron Winklevoss and Digital Foreign money Group (DCG) CEO Barry Silbert continues to escalate, with Winklevoss calling for Silbert’s elimination from the corporate. David Hollerith reviews on Yahoo Finance. 

Winklevoss demanded Silbert step down 

Cameron Winklevoss filed the second of two open letters. Within the first one, which got here final week, Winklevoss wrote:

There is no such thing as a path ahead so long as Barry Silbert stays CEO of DCG.

He demanded Silbert step down so DCG and Gemini can settle their ongoing dispute out of court docket. 

Misrepresenting statements 

Most just lately, Cameron accused Silbert of misrepresenting statements made to Gemini in relation to how the corporate was capitalized after an earlier loss in the summertime. 

Silbert responded in a letter to buyers. The important thing level of competition is about how culpable the corporate DCG is for Genesis’ present restructuring and potential chapter. It boils right down to this $1.1 billion promissory word, which isn’t callable now. Which means DCG wouldn’t must return these funds within the occasion of chapter. 

What does this imply for Genesis?

There nonetheless isn’t a lot debate there, however the confrontation will go on in line with Hollerith. Silbert has claimed that his firm by no means took out a $1.675 billion mortgage from Genesis, including that the corporate is present on all excellent loans and by no means missed an curiosity cost. He steered the following curiosity cost on the mortgage could be made in Might.

See also  Right here is the subsequent value goal for Chainlink (LINK/USD)

The background 

The Winklevoss twins turned to Genesis when the corporate launched its Gemini Earn program, which provided a yield of as much as 8% on crypto belongings. Gemini paid the curiosity partially by loaning buyer cash to Genesis World Capital, owned by DCG, which then loaned the funds to institutional shoppers.

After FTX’s collapse, Genesis suspended buyer redemptions, leaving Gemini unable to pay again Earn shoppers. 

BitcoinMasterNews

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

Explore More

Related Articles