Barry Silbert, CEO of Digital Currency Group (DCG), released a statement discussing his company’s current struggles. At the same time, Cameron Winklevoss, the co-founder of the Gemini exchange, reiterated his allegations against DCG and its subsidiary Genesis.
The CEO of Digital Currency Group speaks
While his business is in turmoil, Barry Siblert, CEO and founder of Digital Currency Group (DCG) published a letter addressed to the shareholders of the groupTo comment on the current situation:
I’ve been doing a lot of thinking about last year, the state of the industry and where things go from here.
Here’s an update to address those thoughts, other developments, and some speculation on the matter @DCGco (1/10)https://t.co/xEohthubvD
— Barry Silbert (@BarrySilbert) January 10, 2023
DCG owns shares in more than 200 companies in the cryptocurrency ecosystemand the holding company is known for leading the media outlets CoinDesk, Grayscale and Genesis.
It is the latter actor’s financial difficulties, which cast doubt on the overall health of the group, but Barry Silbert explains that each company is independent “with their own management teamsand bank accounts. However, he acknowledges that these are not “not immune to the effects of ongoing turbulence» :
“On the other hand, this last year has been the most difficult of my life, both personally and professionally. Bad actors and repeated blowouts have taken their toll on our industry, with knock-on effects reaching far and wide. »
This speech comes just after Cameron Winklevoss, the co-founder of Gemini, he reiterated his allegations of fraud in a new open letterafter a first release last week:
Earn Upgrade: An Open Letter to the Board of @DCGco pic.twitter.com/eakuFjDZR2
—Cameron Winklevoss (@cameron) January 10, 2023
As Cameron Winklevoss verbatim advances that Genesis and DCG “conspired to make false statementsto Gemini and its Earn product customers, Barry Silbert did not mention the platform in his letter.
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Clarified relations with FTX
As with the many instances that punctuate this bear market, it can be difficult to separate things between what is rumor and factual information. However, Barry Silbert has returned to his relationship with Sam Bankman-Fried (SBF), while the co-founder of Three Arrows Capital also made accusatory remarks last week.
DCG done a $250,000 investment in FTX in July 2021and less than 1% of its trading volume was conducted on the platform. Even the CEO of the holding would have no privileged relationship with SBF:
“Aside from a conversation in the summer of 2022 and a few emails at the time, Barry has no recollection of ever meeting, speaking or communicating privately. »
Also, if Genesis was linked to Alameda Research through loans and business dealings, this would not have been the case with DCG. While Genesis is struggling, DCG owes him $447.5 million and 4,550 BTCthrough a loan due next May.
In the light of recent news, if Digital Currency Group manages to emerge from the current crisis, it is not certain that it will be the same for all the companies it owns.
👉 On the same topic – US authorities are investigating the financial operations of Digital Currency Group (DCG)
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Source: Digital Currency Group
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I timidly discovered the world of blockchain in late 2018 during my quest for financial freedom. Initially invested moderately, only two years later I took the bet of betting everything on the movement that was then taking shape. I then dedicate 2021 to training better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I know, I want to share with you.
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