bitcoin Barry Silbert, founder and CEO of his company, Digital Currency Group, responded to an open letter addressing DCG’s $1,675 billion debt alleged by Cameron Winklevoss.
Digital Currency Group CEO Denies Gemini Founder’s Claim
Silbert said that DCG has not defaulted on any interest payments and is current on all of its existing loans, plus the next loan payment due is in May 2023:
“DCG did not borrow $1.675 billion from Genesis. DCG has not defaulted on any interest payments to Genesis and is current on all outstanding loans; The next loan maturity is May 2023.
DCG submitted a proposal to Genesis and your advisors on December 29 but received no response.”
Silbert’s tweet was in response to a letter published by Winklevoss that sheds light on the growing concerns of 340,000 Earn users who have lent DCG a total of $900 million.
The letter states that many of these people have invested their life savings and their children’s university funds.
In his letter, Winklevoss stressed that after Genesis, a subsidiary of DCG, suspended withdrawals in November, the alleged “malicious distraction tactics” of Silbert had seriously damaged those affected.
Despite being presented with multiple offers, Silbert has so far refused to work with Earn users to find an acceptable solution.
However, Cameron Winklevoss also wrote about Silbert’s answer in his statement:
“Here you go again. Stop pretending that you and DCG are innocent bystanders and have nothing to do with making this mess happen. This is complete dishonesty.
So how does DCG owe Genesis $1.675 billion if it didn’t borrow money? That’s right, there’s this debenture.
Will you commit to resolving this issue by January 8 to treat $1.1 billion of securities at $1.1 billion?”
*Not investment advice.
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