Gemini's Winklevoss, DCG's Silbert spar over frozen funds on Genesis
Gemini co-founder Cameron Winklevoss accused Digital Currency Group head Barry Silbert of "bad faith stall tactics" and comingling funds at his conglomerate in a pointed open letter posted on Twitter early Monday that sought answers to why more than $900 million.
Gemini's Earn program, which allowed individuals to lend out their digital assets for an expected yield, has been frozen since mid-November amid a liquidity crises at Genesis and DCG that was kicked off in the wake of FTX's collapse. Genesis Global Capital, the lending business of Genesis Trading, suspended redemptions and new loan originations in November shortly after Sam Bankman-Fried's exchange filed for bankruptcy protection.
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