• Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has filed a civil lawsuit against Digital Currency Group (DCG) and its CEO Barry Silbert.
• The suit is rooted in a dispute over the insolvency of Genesis Capital, a firm with which Gemini had a significant business partnership.
• Cameron Winklevoss alleges that DCG CEO Barry Silbert was the „architect and mastermind“ of the „fraud“ that he alleges was committed by DCG and Genesis Capital.
Gemini Files Civil Suit Against DCG & Barry Silbert
Cryptocurrency exchange Gemini, founded by the Winklevoss twins, has filed a civil lawsuit against Digital Currency Group (DCG) and its CEO Barry Silbert. The lawsuit is rooted in a dispute over the insolvency of Genesis Capital, a firm with which Gemini had a significant business partnership.
Allegations Of Fraud Against DCG & Barry Silbert
Cameron Winklevoss announced the suit on social media, along with several allegations of fraud and foul play against Silbert for his role in hiding the troubles at Genesis. DCG said in a statement that the allegations and the lawsuit are baseless.
Genesis Capital Insolvency Dispute
The dispute centers around an agreement between Gemini and Genesis Capital to share funds from transactions made through their services. According to Cameron Winklevoss’s statement, when it came time to pay back these funds due to Genesis Capital’s insolvency, Barry Silbert had allegedly hidden this information from them until it was too late for them to recover their money.
DCGs Statement On Allegations
In response to these allegations, DCG issued a statement explaining that all claims made by Cameron Winklevoss were baseless and without merit. They further stated that they expected full vindication upon review of all relevant facts in court as well as damages for false claims being made against them.
This legal battle between Gemini Exchange and Digital Currency Group is likely to continue for some time before either side comes out victorious or reaches an amicable settlement out of court. Until then we can only wait with baited breath as both sides prepare their arguments for what could be one of crypto’s most landmark cases yet!