{"id":32987,"date":"2023-07-08T06:54:29","date_gmt":"2023-07-08T10:54:29","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/dcg-dismisses-gemini-lawsuit-as-publicity-stunt-by-winklevoss\/"},"modified":"2023-07-08T06:54:31","modified_gmt":"2023-07-08T10:54:31","slug":"dcg-dismisses-gemini-lawsuit-as-publicity-stunt-by-winklevoss","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32987","title":{"rendered":"DCG Dismisses Gemini Lawsuit As \u201cPublicity Stunt\u201d By Winklevoss"},"content":{"rendered":"
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Digital Currency Group responded to the lawsuit filed by Gemini alleging it defrauded its creditors by calling it a \u201cpublicity stunt\u201d by Cameron Winklevoss.\u00a0<\/p>\n

Gemini revealed yesterday that it has filed a lawsuit against DCG and its CEO Barry Silbert for orchestrating and directly perpetrating a fraud against creditors.<\/p>\n

Gemini claimed that the DCG CEO pushed to continue the Earn program despite being fully aware of Genesis\u2019 insolvency.\u00a0<\/p>\n

Cameron Winklevoss alleged that Barry Silbert and DCG executives lied again and again to conceal the truth from Gemini and other creditors.<\/p>\n

DCG\u2019s subsidiary Genesis owes nearly $1 billion to Gemini\u2019s Earn program users and other creditors.<\/p>\n

DCG Calls Gemini Lawsuit Baseless and Defamatory\u00a0<\/h2>\n

DCG issued a statement<\/a> last night saying that the latest lawsuit is yet another publicity stunt from Cameron Winklevoss to deflect blame and responsibility from himself and Gemini.\u00a0<\/p>\n

Barry Silbert led conglomerate said that any suggestion of wrongdoing by the company or its employees is baseless, defamatory and completely false.\u00a0<\/p>\n

As per the statement, DCG leaders have been engaged in active negotiations with the representatives of the Official Unsecured Creditors Committee of and Ad Hoc committee to reach a deal.\u00a0<\/p>\n

It further blamed Gemini\u2019s leadership of MIA (missing in action) and issuing press statements while DCG leaders have been working around the clock to reach a deal.\u00a0<\/p>\n

DCG\u2019s statement claims that neither of the Winklevoss twins was involved in any of the in-person meetings. The statement concluded:<\/p>\n

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\u201cThe mediation process is nearing a close and we expect to bring the Genesis Chapter 11 clase to a conclusion soon.\u201d<\/p>\n<\/blockquote>\n

Winklevoss Twins Accuse DCG and Barry Silbert of Fraud<\/h2>\n

Responding to the statement issued by DCG, Tyler Winklevoss tweeted<\/a> that DCG and Barry Silbert failed to address or deny any of the allegations made in the 33-page complaint. \u201cExactly which parts are “baseless, defamatory, and completely false?\u201d Tyler asked.\u00a0<\/p>\n

Gemini co-founder asserted that DCG and Barry were directly involved in misleading creditors as to the financial condition of Genesis.\u00a0<\/p>\n

Gemini has claimed in its lawsuit that when Three Arrows Capital (3AC) collapsed in June 2022, it left a $1.2 billion hole in Genesis\u2019s balance sheet.\u00a0<\/p>\n

At the time Gemini was reassured that DCG had stepped in to absorb the losses, which Gemini claims was an intentional lie.\u00a0<\/p>\n

The Winklevoss twins had repeatedly warned DCG of taking legal action against them if they did not move to resolve the issue.\u00a0<\/p>\n<\/p><\/div>\n