US-based cryptocurrency exchange Gemini – founded by twin brothers Cameron Winklevoss and Tyler Winklevoss – is embroiled in a fresh tussle with Genesis Capital’s parent company DCG after the crypto lender (Genesis) filed for bankruptcy protection.
Cameron Winklevoss said on Jan. 20 that his company was preparing a lawsuit against DCG and its CEO Barry Silbert, among others, who are responsible for – ‘‘fraud that has caused harm to the 340,000 plus Earn users and others duped by Genesis and its accomplices.’’ Winklevoss is now asking DCG to make a fair offer to Gemini’s creditors to avoid legal action.
Gemini gave $900 million to Genesis Capital, DCG’s subsidiary, under its Earn program (high-yield interest-bearing accounts launched in 2021) in an arrangement that allowed Genesis to loan the funds to other crypto firms.
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