The Winklevoss twins, Cameron și Tyler, threatened to sue the Digital Currency Group (DCG) CEO over the $900 million in Gemini client funds currently frozen inside DCG subsidiary Genesis.
Cameron and Tyler Winklevoss, cofounders of the crypto exchange Gemini, claim that DCG and its CEO Barry Silbert are unwilling to give a “fair deal” to creditors.
“While we have been working around the clock to negotiate an acceptable solution, Barry Silbert and DCG,” Cameron Winklevoss said, “continue to refuse to offer creditors a fair deal. "
Cameron Winklevoss alleges that DCG and Silbert committed fraud against at least 340,000 users of the Gemini Earn program.
“Unless Barry and DCG come to their senses and make a fair offer to creditors, we will be filing a lawsuit against Barry and DCG imminently,” he added.
The Winklevoss twins claim that Gemini users lent $900 million to Gemini before the lending platform stopped withdrawals. On Thursday, the lending platform Inscrisa pentru faliment.
“The good news is that, by seeking the protection of the bankruptcy court, Genesis will be subject to judicial oversight and be required to provide discovery into the machinations that brought us to this point,” Cameron Winklevoss said.
Genesis’ bankruptcy filing showed that the lending platform owes $3.5 billion to the top 50 creditors. According to the filing, Genesis owes $ 766 de milioane de to Gemini Trust Company.
Genesis – Gemini Feud: SEC Sues Both
The feud started over Gemini Earn, a product that promoted randamente de pana la 8%. on customer deposits. With Earn, Gemini loaned client money to Genesis, which invested it in crypto markets.
As crypto markets soared, the capital produced significant returns. This made it attractive to investors at a time when real returns on deposits were negative, thanks to the Federal Reserve’s stimulus.
However, crypto markets crashed in 2022, annihilating returns in the space. The final nail in the coffin was the collapse of FTX, a crypto exchange that held $175 million in Genesis deposits. This resulted in Genesis suspending withdrawals in November 2022.
The suspension of withdrawals and the ultimate bankruptcy left Gemini Earn without their funds. Now, Cameron Winklevoss and Barry Silbert are in a public battle over who is responsible for user funds.
To make matters worse, the Securities and Exchange Commission (SEC) got involved in the situation. On January 13, 2023, the SEC sued both entities for offering unregistered securities. The situation highlights the risks of unregulated crypto lending platforms, both to users and founders.
The loss of up to $900 million in consumer deposits is already attracting regulatory attention. The SEC suit against Gemini and Genesis could set an important legal precedent that could bring more regulation to crypto.
- Distribuție de conținut bazat pe SEO și PR. Amplifică-te astăzi.
- Platoblockchain. Web3 Metaverse Intelligence. Cunoștințe amplificate. Accesați Aici.
- Sursa: https://dailycoin.com/winklevoss-twins-threaten-to-sue-dcg-ceo-after-genesis-bankruptcy/
- $3
- 000
- 2022
- 2023
- 7
- 9
- a
- acceptabil
- Conform
- adăugat
- După
- împotriva
- deja
- și
- în jurul
- atenţie
- atragere
- atractiv
- Faliment
- Tribunalul de Faliment
- Depunerea falimentului
- Barry Silbert
- Luptă
- înainte
- Miliard
- Bloomberg
- aduce
- adus
- Cameron Winklevoss
- capital
- CEO
- pretinde
- client
- Ceas
- CNBC
- Colaps
- cum
- comision
- comise
- companie
- consumator
- ar putea
- Tribunal
- prăbuşit
- creditori
- cripto
- cripto-schimb
- Crypto Exchange Gemeni
- Împrumut Crypto
- Piețele Crypto
- Monedă
- În prezent
- client
- DCG
- depozite
- digital
- monedă digitală
- grup de monede digitale
- Grup valutar digital (DCG)
- descoperire
- câștiga
- schimb
- extern
- echitabil
- federal
- Rezervele Federale
- Depunerea
- final
- urma
- fondatorii
- fraudă
- congelate
- FT
- FTX
- Fondurile
- zodia Gemeni
- Gemeni Câștigă
- Geneză
- Da
- bine
- grup
- Held
- highlights-uri
- HTML
- HTTPS
- important
- in
- intern
- investit
- investind
- Investitori
- implicat
- IT
- ianuarie
- proces
- Legal
- Precedent legal
- împrumut
- platforma de creditare
- de pe
- făcut
- face
- pieţe
- materie
- milion
- bani
- mai mult
- ştiri
- noiembrie
- oferi
- oferind
- Supraveghere
- platformă
- Platforme
- Plato
- Informații despre date Platon
- PlatoData
- Punct
- Precedent
- Produs
- Produs
- Program
- Promovat
- protecţie
- furniza
- public
- Regulament
- autoritățile de reglementare
- necesar
- responsabil
- Returnează
- Riscurile
- Said
- SEC
- Titluri de valoare
- Securities and Exchange Commission
- caută
- set
- semnificativ
- situație
- a crescut
- soluţie
- Spaţiu
- început
- stimul
- oprit
- subiect
- filială
- acţiona
- Sues
- Costum
- suspensie
- Capitala
- lor
- a ameninta
- timp
- la
- top
- Încredere
- Gemenii
- Tyler winklevoss
- final
- neînregistrat
- valori mobiliare neînregistrate
- us
- Utilizator
- fondurile utilizatorilor
- utilizatorii
- care
- OMS
- voi
- Winklevoss
- Winklevoss Gemenii
- Retrageri
- fără
- de lucru
- zephyrnet