Barry Silbert, the founder and CEO of Digital Currency Group, responded to an open letter by Cameron Winklevoss on Wednesday addressing DCG’s supposed $1.675 billion debt.
Silbert’s tweet focused on denying any missed payments, assuring that DCG had never missed an interest payment and was current on all loans outstanding, with the next payment due in May 2023.
He also mentioned his company’s efforts to propose a resolution for Gemini Earn users by Dec. 29, which are yet to be acknowledged.
Silbert’s tweet came in response to the letter published by Winklevoss, which sheds light on the growing concerns of 340,000 Earn users who lent a total of $900 million out to DCG.
Many of these people have invested their life savings and children’s college funds, the letter says.
After Genesis, a subsidiary of DCG, suspended its withdrawal in November, it became clear that Silbert’s alleged “bad faith stall tactics” were taking a serious toll on those affected, according to the letter, Winklevoss stressed. Despite being given multiple proposals, Silbert has so far refused to work with Earn users to find an acceptable solution.
Winklevoss views Silbert’s behavior as unacceptable and unconscionable in light of how much people have entrusted him with. The Gemini co-founder challenges him to take responsibility for his own actions and requests him to publicly commit to resolving this issue by Jan. 8.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.
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