Gemini’s Founder Claims Barry Silbert Owes Genesis Global $1.7 Billion
Cameron Winklevoss, founder of Gemini, accuses Digital Currency Group of owing Genesis Capital $1.6 billion.
This comes after both founders got into a heated backlash on twitter throwing and refuting debt accusations.
Twitter Backlash
Winklevoss openly addresses this issue on Twitter, calling out Silbert for an alleged debt owed to Genesis Global Capital by one of Digital Currency Group’s subsidiaries; He said that this subsidiary owes Gemini $900 million.
In an excerpt from his tweet, he accused Silbert of orchestrating the entire situation, claiming that the debt occurred with him still on seat as founder and CEO.
He accused Silbert of owing Genesis Global Capital, a Gemini-affiliated entity, nearly $1.7 billion which he has refused to pay back.
Winklevoss claims that the debt owed by Silbert is the money intended for Earn Users, which Genesis Global is supposed to repay to its creditors.
He went on to claim that Silbert coveted the money meant for working-class investors and traders in order to engage in investments and buy shares to fulfill his personal greed and that of his firm.
Silbert Fires Back In His Response
Silbert, on the other hand, did not sit back and let these claims pass him by without responding. He countered by denying all of the claims against his company, claiming that Digital Currency Group did not borrow any $1.7 billion from Genesis Global and that all accusations were false.
He went on to add that his company has kept all of its commitments to Genesis Global, has not missed a payment, and has cleaned up all outstanding loans due for payment. The next loan repayment is scheduled for May 2023.
Silbert went on to reveal that his company submitted a proposal to Genesis Global on the 29th of December and has yet to hear back from the team.
This Twitter uproar stems from the Earn Trust offering program, in which Gemini firm failed to deliver on time to its creditors due to the liquidity crisis of its sister company Genesis Global.
Investors had sued the Winklevoss twins to court for distributing unregistered securities and failing to meet their commitments under the Earn Trust offering program.
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