Shalini Nagarajan

Bankrupt crypto lender Genesis has reached an agreement in principle with Gemini and other creditors on a restructuring plan about a month after Cameron Winklevoss <a href="https://blockworks.co/news/fraud-winklevoss-silbert-dcg">made their spat public</a>.&nbsp;



As part of the agreement, Gemini agreed to contribute $100 million in additional funds to users of the Earn product. The terms also include a sale of Genesis Global Trading.



In a <a href="https://twitter.com/cameron/status/1622717966260506624">tweet</a> late Monday, Winklevoss said the <a href="https://www.businesswire.com/news/home/20230206005640/en/Genesis-Reaches-Agreement-in-Principle-with-DCG-and-Key-Creditors-on-a-Global-Resolution-that-Optimizes-Outcome-for-Clients-and-Stakeholders">agreement</a> “provides a path for Earn users to recover their assets.”&nbsp;



Separately, Genesis’ parent Digital Currency Group will exchange its $1.1 billion note due 2032 for convertible preferred stock and refinance its existing 2023 term loans through a new secured term loan in two tranches made payable to creditors in the value of about $500 million.



All Genesis entities will be brought under the same holding company, Genesis Global Holdco.&nbsp;



Sean O’Neal, an attorney representing Genesis, <a href="https://www.reuters.com/technology/genesis-parent-dcg-reach-initial-deal-with-main-creditors-coindesk-2023-02-06/">reportedly</a> told a bankruptcy judge on Monday that the agreement would either result in a sale of Genesis or creditors would receive its equity.&nbsp;



“The agreement in principle remains subject to definitive documentation and necessary court approvals,” Genesis said in a press release.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">1/ Today, <a href="https://twitter.com/Gemini?ref_src=twsrc%5Etfw">@Gemini</a> reached an agreement in principle with Genesis Global Capital, LLC (Genesis), <a href="https://twitter.com/DCGco?ref_src=twsrc%5Etfw">@DCGco</a>, and other creditors on a plan that provides a path for Earn users to recover their assets. This agreement was announced in Bankruptcy Court today.&mdash; Cameron Winklevoss (@cameron) <a href="https://twitter.com/cameron/status/1622717966260506624?ref_src=twsrc%5Etfw">February 6, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Genesis <a href="https://blockworks.co/news/genesis-in-chapter-11-wont-insulate-silbert-winklevoss-says">filed for bankruptcy</a> on Jan. 19 after suspending redemptions and new loan originations on its platform. Both Gemini and Genesis were associated through an offering called the Earn product, which promised investors returns of up to 8% on their deposits.



Through this product, Gemini loaned client funds to Genesis, which the Securities and Exchange Commission has called an <a href="https://blockworks.co/news/genesis-gemini-charged-with-securities-violations-by-sec">improper lending arrangement</a>.&nbsp;



Gemini was one of its largest lending customers, having sent the firm $900 million worth of cryptoassets. And Winklevoss <a href="https://blockworks.co/news/gemini-takes-spat-with-dcg-public-in-open-letter">openly criticized</a> DCG and Barry Silbert, accusing them of not repaying the $900 million of deposits his clients had deposited with the firm.&nbsp;



“You continue to refuse to get into a room with us to hash out a resolution,” Winklevoss wrote. “You hide behind lawyers, investment bankers and process…your behavior is not only completely unacceptable, it is unconscionable.”



Bob Ras, co-founder of blockchain-powered network Sologenic, called the agreement a “decent resolution” and said it suggests the outcome won’t be as damaging to the industry as earlier predicted.



“Indeed, some had been making absolutely dire predictions for Genesis and its parent company, DGC. Of course, there could very well be more blowups in the offing that stem the FTX-Terra-Three Arrows daisy chain of bankruptcies, but today’s news makes me think that we might have seen the worst of it all,” Ras told Blockworks.



Genesis and Gemini didn’t return Blockworks’ request for comment by press time.



On Tuesday, Winklevoss said there’s still work to be done to complete the process, including due diligence of Genesis’ financials and judicial approval of the plan.



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Genesis Agreement Will See Gemini Contribute $100M to Compensate Earn Users

Gemini co-founder Cameron Winklevoss on Friday threatened to sue Digital Currency Group and its CEO Barry Silbert for their supposed role in harming Gemini’s customers, following a Genesis bankruptcy filing.



In a <a href="https://twitter.com/cameron/status/1616298056097624064" target="_blank" rel="noreferrer noopener">Twitter thread</a>, Winklevoss highlighted Genesis’ <a href="https://blockworks.co/news/the-next-bankruptcy-domino-may-be-genesis">move to file for Chapter 11</a>, calling it a “crucial step” for Gemini being able to recover customer assets. Silbert and DCG continue to &#8220;refuse to offer creditors a fair deal,&#8221; he added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">6/ 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.&mdash; Cameron Winklevoss (@cameron) <a href="https://twitter.com/cameron/status/1616302998736756737?ref_src=twsrc%5Etfw">January 20, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Genesis was reportedly looking to raise fresh capital and avoid bankruptcy, but the firm and its subsidiaries officially <a href="https://www.businesswire.com/news/home/20230119005955/en" target="_blank" rel="noreferrer noopener">filed</a> for bankruptcy protection late Thursday. 



Genesis Global, Gemini’s partner for its recently-terminated Earn program, <a href="https://restructuring.ra.kroll.com/genesis/Home-DownloadPDF?id1=MTQzOTA4MA==&amp;id2=-1" target="_blank" rel="noreferrer noopener">listed</a> more than 100,000 creditors. Both assets and liabilities were given a rough estimate of between $1 billion to $10 billion.



Among the <a href="https://blockworks.co/news/dcgs-barry-silbert-is-dodging-the-hard-questions-sources-say">questions that remain unanswered</a> is whether the $1.1 billion promissory note from DCG to Genesis is callable in bankruptcy. Prior to the Chapter 11 filing, Silbert told shareholders in a Jan. 10 <a href="https://dcgupdate.com/" target="_blank" rel="noreferrer noopener">letter</a> that the note was not callable, but he did not specify whether Genesis’ bankruptcy would change that.



DCG and Genesis didn’t return Blockworks’ request for comment by press time.



Earlier this month, <a href="https://blockworks.co/news/gemini-takes-spat-with-dcg-public-in-open-letter">Winklevoss accused Silbert</a> of “bad faith stall tactics” and claimed the CEO was yet to repay $900 million lent to its digital asset prime brokerage arm Genesis. 



Winklevoss’ Gemini offered a product called “Earn” that allowed rewards of up to 8% to customers who lent out their cryptoassets to Genesis. But the product was inaccessible after <a href="https://blockworks.co/news/genesis-halts-lending">Genesis halted customer withdrawals</a> in November after the unraveling of FTX, where it had <a href="https://twitter.com/GenesisTrading/status/1590836594382032896" target="_blank" rel="noreferrer noopener">$175 million</a> in locked assets.



Winklevoss later published an open letter calling on DCG’s board to <a href="https://blockworks.co/news/fraud-winklevoss-silbert-dcg">remove Silbert as CEO</a>. Silbert, meanwhile, has denied that DCG owes Genesis as much as $900 million and claims that DCG is up-to-date on any loan repayment.&nbsp;



Winklevoss further added that Genesis’ decision to seek bankruptcy protection “does not insulate Barry, DCG, and other wrongdoers from accountability.”



“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,” he added.



He had previously given Silbert a Jan. 8 deadline to commit to finding a resolution, but it appears that there was no response to this timeline.



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Genesis in Chapter 11 Won’t Insulate Silbert, Winklevoss Says

Sebastian Sinclair

Barry Silbert is attempting to shield himself and the company he heads from liability, four industry sources speaking under condition of anonymity have told Blockworks.



In a <a href="https://dcgupdate.com/">shareholder letter</a> on Tuesday, Silbert pushed back against calls <a href="https://blockworks.co/news/fraud-winklevoss-silbert-dcg">that he should be sacked by Digital Currency Group’s (DCG) board</a> coming from Gemini’s co-founder Cameron Winklevoss.



Chief among the claims under scrutiny from the DCG CEO is that he doesn’t personally call the shots at DCG’s subsidiary companies. Silbert attempted to address the way in which his holding company interacts with its subsidiaries, namely crypto broker Genesis.



“Every aspect of each subsidiary’s day-to-day business is directed by the respective subsidiary’s leadership team,” Silbert said in a Q&amp;A section of the letter. “To be abundantly clear, DCG does not direct any trades, loans, or borrows for Genesis’ business.”



Genesis is at the heart of a dispute between Winklevoss and Silbert’s crypto empire over DCG’s issuance of a $1.1 billion promissory note, due 2033, made to the broker to assume its liabilities following the collapse of former Singapore-based crypto hedge fund Three Arrows Capital (3AC).



Silbert is attempting to portray the promissory note to Genesis as a transaction made “at arm&#8217;s length,” diminishing their relationship with each other, one source belonging to a venture fund told Blockworks.&nbsp;



“At the end of the day, it&#8217;s a vertically integrated model, the left hand to the right hand is still the same person, the same parent company,” they said.



<h3 class="wp-block-heading">How much management direction does DCG give?</h3>



<a href="https://twitter.com/cryptowatchdoge/status/1612907625091371008">Eagle-eyed observers</a> were quick to point out that, according to a Financial Industry Regulatory Authority <a href="https://files.brokercheck.finra.org/firm/firm_136962.pdf">BrokerCheck report</a>, DCG and Silbert do in fact “direct the management or policies” of Genesis.



FINRA’s BrokerCheck reports are designed to provide information on individual brokers including employment history, professional qualifications and disciplinary actions, among other areas. They also include information on a firm’s profile, history, and operations, which is required to be up-to-date within a 30-day period.



According to the FINRA report, DCG is both a direct and indirect owner of Genesis, while Silbert is an indirect owner capable of directing the management or policies of the firm.



Some are prepared to give Silbert the benefit of the doubt. Jeff Yew, founder of digital asset manager Monochrome believes Silbert is &#8220;doing the right thing,&#8221; by addressing concerns regarding risk management and regulatory compliance to his shareholders.



“It is still difficult to tell from an outsider&#8217;s perspective, but I am sure Barry and his team are seasoned enough to understand the consequences of falsely representing his business,” Yew said.



A second source hailing from a legal background told Blockworks Silbert was acting under a corporate veil doctrine.



“For example, if Barry decided it was best not to repay loans DCG made to a third party, and he made that decision acting in furtherance of the company&#8217;s objectives in good faith, then he is protected by the corporate veil,” they said.



But, the source noted, Silbert could be held responsible if he used the corporate veil as a shield to commit fraud or avoid debts. “Seems like that might have happened here,” the source added.



A spokesperson for DCG did not immediately return a request for comment.&nbsp;



Genesis had, for some time, handled the backend business for Gemini’s Earn program, offering customers up to 8% interest under their partnership, right up until the most recent crypto rout two months ago.



Following the fallout of FTX, a rush of users pulling money out of Genesis brought its lending division to its knees, forcing it to suspend withdrawals in November. <a href="https://blockworks.co/news/dcg-silent-gemini-genesis">Over 340,000</a> users of Gemini’s crypto lending program “Earn” have been kept out of their own funds ever since.



That’s put Silbert at the nexus of criticism from industry voices like podcaster Peter McCormack.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“340,000 Earn customers MUST take priority over 1 CEO. These are your mistakes @BarrySilbert, own them and do the right thing,” McCormack <a href="https://twitter.com/PeterMcCormack/status/1612813789598040064">tweeted</a> Tuesday.
</blockquote>



Winklevoss also claims Genesis lent close to $2.4 billion to 3AC, which <a href="https://blockworks.co/news/3ac-files-for-bankruptcy-as-co-founders-location-unknown">filed for bankruptcy</a> in mid-2022.



Key to Silbert’s responsibility lies in the answer to the perennial question, ‘what did he know and when did he know it?’&nbsp;



&#8220;He’s not telling the whole truth and what actually went down,&#8221; a limited partner of a Hong Kong venture capital firm told Blockworks, adding, &#8220;what about the loans that were lent out to other funds 3AC, Alameda Research and others on the GBTC collateral they used?&#8221; 



When the fund was trading at a premium then that trade worked out, but when it started to fall into a discount at net asset value then that’s when things turned sour, they said. “He’s still somewhat, artfully evading the question.”



GBTC leans on lending desks to allow them to borrow against the GBTC collateral. Genesis’ lending division is a sister company to Grayscale, which is one of the only lenders incentivized to treat the GBTC “at good value,” according to a fourth source belonging to a crypto venture capital firm Blockworks spoke with.



Finally, Silbert’s letter dismissed earlier reports his company was being investigated by the Department of Justice and the Securities and Exchange Commission. That flew in the face of earlier reports DCG was being probed.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Pretty forceful denial by <a href="https://twitter.com/BarrySilbert?ref_src=twsrc%5Etfw">@BarrySilbert</a> of Bloomberg report that Justice is investigating <a href="https://twitter.com/DCGco?ref_src=twsrc%5Etfw">@DCGco</a> loans 🤔 From Silbert&#39;s shareholder letter<a href="https://t.co/agLtkEc54B">https://t.co/agLtkEc54B</a> <a href="https://t.co/B4ypGtZcRy">pic.twitter.com/B4ypGtZcRy</a>&mdash; Jeff Roberts (@jeffjohnroberts) <a href="https://twitter.com/jeffjohnroberts/status/1612911397024976897?ref_src=twsrc%5Etfw">January 10, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



According to a <a href="https://www.bloomberg.com/news/articles/2023-01-07/crypto-empire-dcg-faces-us-investigation-over-internal-transfers">Bloomberg report</a> last week, citing sources familiar with the matter, the regulatory agencies are investigating the internal financial dealings of DCG’s subsidiaries. Silbert maintains that neither he nor any member of DCG is aware of the Eastern District of New York investigation.



The SEC and DoJ did not immediately return requests for comment.



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DCG’s Barry Silbert is Dodging the Hard Questions, Sources Say

Ben Strack

Gemini co-founder Cameron Winklevoss called on the board of Digital Currency Group (DCG) to remove CEO Barry Silbert after alleging fraud against DCG and portfolio company Genesis.&nbsp;



Genesis has defrauded Gemini and more than 340,000 of its users, Winklevoss claimed in the open letter, which he <a href="https://twitter.com/cameron/status/1612806661508567042">tweeted</a> Tuesday morning.&nbsp;The company handled backend business for Gemini Earn, with as much as 8% interest offered under their partnership.



He alleged the fraud to be coordinated between Genesis and parent company DCG, led by CEO Barry Silbert, claiming that they made “false statements and misrepresentations” about Genesis’s solvency and financial health.



“They did so in an effort to mislead lenders into believing that DCG had absorbed massive losses that Genesis incurred from the Three Arrows Capital (3AC) collapse and induce lenders to continue making loans to Genesis,” Winklevoss wrote. “By lying, they hoped to buy time to dig themselves out of the hole they created.”&nbsp;



A DCG spokesperson called Winklevoss’s letter “another desperate and unconstructive publicity stunt,” adding that Gemini is responsible for operating Gemini Earn and marketing the program to its customers.&nbsp;



“We are preserving all legal remedies in response to these malicious, false, and defamatory attacks,” the representative told Blockworks in an email. “DCG will continue to engage in productive dialogue with Genesis and its creditors with the goal of arriving at a solution that works for all parties.&#8221;



The letter claims that Genesis lent nearly $2.4 billion to Singapore-based hedge fund 3AC, which filed for <a href="https://blockworks.co/news/3ac-files-for-bankruptcy-as-co-founders-location-unknown">bankruptcy</a> in the middle of last year.&nbsp;



“At this point, Barry Silbert had two legitimate options: restructure the Genesis loan book (inside or outside of bankruptcy court) or fill the $1.2 billion hole,” Winklevoss added. “He did neither.”



Michael Moro, Genesis’ CEO at the time, said in a July 6 <a href="https://twitter.com/michaelmoro/status/1544733042849320960" target="_blank" rel="noreferrer noopener">tweet</a> that DCG had “assumed certain liabilities of Genesis” related to 3AC to ensure the business could continue operating.



Moro mentioned in a separate tweet: “We are pursuing all strategies to recover any potential residual loss.”



Winklevoss called Moro’s first tweet “false and misleading,” claiming that DCG hadn’t given Genesis proper funding to make up for the loss. DCG entered into a $1.1 billion promissory note with Genesis due in 2032, the Wall Street Journal <a href="https://www.wsj.com/articles/digital-currency-group-says-revenue-will-fall-this-year-11669146285" target="_blank" rel="noreferrer noopener">reported</a>. The Gemini co-founder called that deal a “gimmick” in the Tuesday letter, saying it did nothing to improve Genesis’s short-term liquidity position.&nbsp;



Winklevoss’s letter to the DCG board is not Winklevoss’s first public claims against Silbert, as the executive <a href="https://blockworks.co/news/dcg-silent-gemini-genesis">said last week</a> DCG owes Genesis some $1.675 billion in total — money it needs to fulfill Gemini’s earn product and other creditors.&nbsp;



Silbert tweeted at the time that DCG did not borrow $1.675 billion from Genesis.&nbsp;



“DCG has never missed an interest payment to Genesis and is current on all loans outstanding; next loan maturity is May 2023,” Silbert added in the Jan. 2 tweet. “DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response.”



Updated Jan 10 2023 at 12:38 pm ET: Added comment from DCG.



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‘Fraud’: Winklevoss Eviscerates Silbert Over DCG ‘Lies’

More than 340,000 users of Gemini’s crypto lending program Earn have been kept away from their funds ever since Genesis suspended redemptions and new loans in November.



The situation boiled over onto Twitter earlier this week, with Gemini co-founder Cameron Winklevoss pointing the finger at Barry Silbert, CEO at Genesis parent Digital Currency Group (DCG).



Genesis handled backend business for Gemini Earn, with as much as 8% interest offered under their partnership.&nbsp;



But trouble surfaced once Genesis faced a rush of withdrawals from its lending arm after FTX’s implosion. Gemini’s customers have now been unable to redeem more than $900 million for nearly two months.&nbsp;



“Every time we ask you [Silbert] for a tangible engagement, you hide behind lawyers, investment bankers, and process. After six weeks, your behavior is not only completely unacceptable, it is unconscionable,” Winklevoss said in <a href="https://blockworks.co/news/gemini-takes-spat-with-dcg-public-in-open-letter">an open letter posted to Twitter</a> on Monday.



Silbert founded DCG in 2015 and quickly grew to be a major player in the crypto space. It has made hundreds of investments over the past few years, but it&#8217;s mostly known for its five main pillars: mining firm Foundry, asset manager Grayscale, crypto lender Genesis, trading platform Luno and media outlet CoinDesk.



Trouble at Genesis — and by extension DCG — looms over the crypto space coming off a terrible 2022. Winklevoss said DCG owes Genesis some $1.675 billion in total, which is the money Genesis needs to fulfill Gemini’s Earn product “and other creditors.”&nbsp;



Rather than meet Winklevoss’ call directly, Silbert denied the purported loan from Genesis to DCG and fired back, claiming Gemini is the one dragging its feet towards a potential deal.



“DCG has never missed an interest payment to Genesis and is current on all loans outstanding; next loan maturity is May 2023,” Silbert tweeted. “DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response.”



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">DCG did not borrow $1.675 billion from Genesis DCG has never missed an interest payment to Genesis and is current on all loans outstanding; next loan maturity is May 2023 DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response&mdash; Barry Silbert (@BarrySilbert) <a href="https://twitter.com/BarrySilbert/status/1609926715454771200?ref_src=twsrc%5Etfw">January 2, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Silbert wrote in a November letter to investors that DCG owes Genesis around $575 million due in May 2023, on top of a $1.1 billion promissory note due in June 2032, the <a href="https://www.wsj.com/articles/digital-currency-group-says-revenue-will-fall-this-year-11669146285" target="_blank" rel="noreferrer noopener">Wall Street Journal</a> reported.



<h3 class="wp-block-heading">Just crypto things: cascading bankruptcies</h3>



“The rift between Gemini and DCG has caused investors to remain fearful in the short term,” Marcus Sotiriou, market analyst at GlobalBlock, told Blockworks.&nbsp;



Earn users also might have seen a Wednesday Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-01-04/gemini-s-coo-perlman-leaves-winklevoss-crypto-exchange" target="_blank" rel="noreferrer noopener">report</a> that Gemini Chief Operating Officer Noah Perlman had left the firm this month amid the turbulence, having worked there since 2019.



The next day, Genesis slashed nearly 30% of its staff and is reportedly <a href="https://www.wsj.com/livecoverage/stock-market-news-today-11-17-2022/card/crypto-lender-genesis-sought-emergency-loan-of-1-billion-by-monday-573TThK17Ke15FYwJzLR?mod=article_inline" target="_blank" rel="noreferrer noopener">weighing bankruptcy</a>, flagging further potential disruption. DCG is also closing down its wealth management arm.



Genesis’ interim CEO, Derar Islim, in a blog post said the firm is “committed to moving as quickly as possible, this is a very complex process that will take some additional time.”&nbsp;



The post wasn’t exactly what Winklevoss had in mind — a public declaration of moving forward for the betterment of Earn users. Winklevoss’ “final” deadline of Jan. 8 marks the last date Gemini expects Silbert to openly commit to finding a resolution.



Winklevoss may again air his grievances with Silbert on Twitter if that doesn’t happen before Monday. Blockworks reached out to DCG to see if Silbert plans on doing so, but the firm declined to comment beyond what its CEO had tweeted.



But in any case, the matter may well be settled behind closed doors — or in bankruptcy court. The firm <a href="https://www.nytimes.com/2022/11/22/business/dealbook/genesis-crypto-restructuring-adviser.html" target="_blank" rel="noreferrer noopener">hired</a> venerable investment bank and restructuring advisor Moelis &amp; Co. to chart a way out of its troubles days after it paused withdrawals in November, with potential bankruptcy already on the table. 



Last month, Genesis was <a href="https://www.wsj.com/articles/crypto-lender-genesis-asks-binance-and-apollo-for-cash-11669075159" target="_blank" rel="noreferrer noopener">reportedly</a> seeking an emergency loan of $1 billion before itself halted withdrawals — not just to Earn — and approached Binance and Apollo Global to raise capital.&nbsp;



“If Genesis goes into bankruptcy, this means DCG assets will have to be liquidated due to Genesis’ callable loans, resulting in DCG bankruptcy,” Sotiriou said. “Therefore, Grayscale Trust assets would be at risk of being sold, but if [Chapter 11] is invoked the sale of Grayscale assets will be stopped until the court process plays out.”



Crypto participants will be waiting to see what eventually plays out on Jan. 8 — but should strap themselves in for the long haul, just to be safe.



David Canellis contributed reporting.



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DCG Silent as Winklevoss Demands Commitment From CEO Silbert

Bessie Liu

Cameron Winklevoss accused fellow entrepreneur Barry Silbert for of “bad faith stall tactics,” in a letter posted on Twitter.



Winklevoss, the co-founder of centralized cryptocurrency exchange Gemini, claims that the chief executive of Digital Currency Group (DCG) had yet to repay $900 million that was lent to its digital asset prime brokerage arm as part of the Gemini Earn program.



“I am writing on behalf of more than 340,000 earn users who are looking for answers,” Winklevoss wrote.



Gemini Earn offered rewards up to 8% to customers who would lend out their cryptocurrencies to borrowers, namely Genesis Global Capital, a subsidiary of DCG. The product was forced to pause withdrawals after Genesis was caught up in the FTX collapse.



In an earlier <a href="https://www.gemini.com/blog/an-important-message-regarding-gemini-earn" target="_blank" rel="noreferrer noopener">statement</a> posted in November, the company said that “We are aware that Genesis Global Capital, LLC (Genesis) — the lending partner of the Earn program — has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days.”



Winklevoss <a href="https://twitter.com/cameron/status/1609913051427524608/photo/1" target="_blank" rel="noreferrer noopener">claims</a> that he attempted to engage with Silbert on multiple occasions, most recently on Christmas Day, but was met with silence or resistance. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Earn Update: An Open Letter to <a href="https://twitter.com/BarrySilbert?ref_src=twsrc%5Etfw">@BarrySilbert</a> <a href="https://t.co/kouAviTho4">pic.twitter.com/kouAviTho4</a>&mdash; Cameron Winklevoss (@cameron) <a href="https://twitter.com/cameron/status/1609913051427524608?ref_src=twsrc%5Etfw">January 2, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“You continue to refuse to get into a room with us to hash out a resolution,” Winklevoss wrote. “You hide behind lawyers, investment bankers and process…your behavior is not only completely unacceptable, it is unconscionable.”



Genesis is owed $1.675 billion by DCG according to Winklevoss, who claims that Silbert has been using this money to “fuel greedy share buybacks, illiquid venture investments, and kamikaze Grayscale NAV trades that ballooned the fee-generating AUM of your [Silbert’s] Trust.”



Silbert has denied these claims, <a href="https://twitter.com/BarrySilbert/status/1609926715454771200" target="_blank" rel="noreferrer noopener">tweeting</a> that “DCG did not borrow $1.675 billion from Genesis,” and “has never missed an interest payment to Genesis and is current on all loans outstanding.” He further claimed that DCG offered a proposal to Gemini on Dec. 29th and had yet to receive a response. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">DCG did not borrow $1.675 billion from Genesis DCG has never missed an interest payment to Genesis and is current on all loans outstanding; next loan maturity is May 2023 DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response&mdash; Barry Silbert (@BarrySilbert) <a href="https://twitter.com/BarrySilbert/status/1609926715454771200?ref_src=twsrc%5Etfw">January 2, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In a letter to investors, Silbert said that Genesis was owed $575 million by DCG and had to repay these funds by May 2023, the Wall Street Journal <a href="https://www.wsj.com/articles/digital-currency-group-says-revenue-will-fall-this-year-11669146285" target="_blank" rel="noreferrer noopener">reported</a> on Nov. 22, 2022. In addition, a promissory note totaling $1.1 billion was also due by June 2023. 



Winklevoss has asked Silbert to “publicly commit to working together to solve this problem by January 8, 2023.”



His aggressive stance on the matter likely stems from the increasing pressure from investors and customers and recent lawsuits which claims that the exchange is selling interest-bearing cryptocurrency products.



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Gemini Takes Spat With DCG Public in Open Letter

<div id="highlights-block_62d6ac4ea4547" class="highlights">
 <ul>
 <li>Co-founder Cameron Winklevoss reportedly slammed public sharing of internal communication</li>
 <li>The company laid off 10% of its staff in early-June</li>
 </ul>
 
</div>



Gemini is shrinking its workforce once again, less than two months after its first round of layoffs.



The cryptocurrency exchange has reduced about 7% of its staff this time, or 68 employees, as part of “extreme cost-cutting,” <a href="https://techcrunch.com/2022/07/18/crypto-exchange-gemini-executes-second-round-of-layoffs-less-than-two-months-after-axing-10-of-staff/" target="_blank" rel="noreferrer noopener">TechCrunch reported</a> on Monday, citing a source close to the company who reviewed a common Gemini Slack channel. 



<a href="https://cms.blockworks.co/tag/gemini/" target="_blank" rel="noreferrer noopener">Gemini</a> reportedly didn’t communicate the move widely within the entire company. The latest cutback comes after the exchange <a href="https://cms.blockworks.co/gemini-joins-growing-list-of-crypto-exchanges-cutting-staff-amid-downturn/" target="_blank" rel="noreferrer noopener">said it would cut 10% of its staff</a> in early June, citing the crypto downturn and uncertainty relating to macroeconomic and geopolitical factors.



The company still has 16 open roles, with the majority in software engineering, according to <a href="https://www.gemini.com/careers" target="_blank" rel="noreferrer noopener">listings</a> on its website.



A document showing the company’s plans to downsize by 15% to 800 employees, from 950 at the time, was shared within the organization and on workplace community app Blind on July 14, but was soon pulled down, the report said.&nbsp;



TechCrunch reported that Cameron Winklevoss, one of the billionaire twins that co-founded Gemini, slammed sharing of internal communication on Blind, calling such leaks “super lame” and criticizing it as disrespectful to fellow colleagues. He said his message was a “friendly reminder that Karma is the blockchain of the universe — an immutable ledger that keeps track of positive and negative behavior.”



Gemini didn’t return Blockworks’ request for comment by press time.&nbsp;



The company is one among several to have recently let go of staff as they expect to go through a prolonged market downturn. <a href="https://cms.blockworks.co/coinbase-latest-crypto-firm-to-cut-costs-amid-market-downturn/" target="_blank" rel="noreferrer noopener">Coinbase</a>, <a href="https://cms.blockworks.co/opensea-lays-off-20-of-staff/" target="_blank" rel="noreferrer noopener">OpenSea</a>, <a href="https://cms.blockworks.co/crypto-com-cutting-5-of-workforce-amid-digital-asset-downturn/" target="_blank" rel="noreferrer noopener">Crypto.com</a>, <a href="https://cms.blockworks.co/cryptocurrency-lender-blockfi-set-to-cut-staff-by-a-fifth/" target="_blank" rel="noreferrer noopener">BlockFi</a> and Bullish are just some cryptocurrency firms that have cut costs by downsizing during the “crypto winter.”



Bitcoin recovered some losses to begin the week but is <a href="https://www.blockworksresearch.com/assets/btc/" target="_blank" rel="noreferrer noopener">down 53%</a> so far this year, while ether has fallen <a href="https://www.blockworksresearch.com/assets/eth/" target="_blank" rel="noreferrer noopener">nearly 60%</a> in the same period, data from Blockworks Research shows. 



“There is now a situation where many cryptocurrency exchanges (who were relying on prices to continue to climb) are struggling to stay afloat, which is concerning,” said Tammy Da Costa, analyst at DailyFX.



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Gemini Exchange Cuts Workforce for Second Time in 2 Months: Report

Jocelyn Yang

<div id="highlights-block_6299204c684b9" class="highlights">
 <ul>
 <li>The CFTC filed a complaint against Cameron and Tyler Winklevoss’ Gemini for making false or misleading statements in the bitcoin futures contract evaluation in 2017</li>
 <li>Earlier Thursday, Gemini said it would lay off 10% of its workers due to the crypto market downturn</li>
 </ul>
 
</div>



The Commodity Futures Trading Commission sued cryptocurrency exchange Gemini Thursday in the regulator’s latest escalation against what it considers bad actors in the digital assets industry.&nbsp;



In a <a href="https://ecf.nysd.uscourts.gov/doc1/127131345638" target="_blank" rel="noreferrer noopener">lawsuit</a> filed in the Southern District of New York, the CFTC claimed the company’s founders, brothers Cameron and Tyler Winklevoss, in 2017 “made false or misleading statements” to the watchdog during the exchange’s application for bitcoin futures contracts — which the CFTC said could have been susceptible to market manipulation.&nbsp;



In a <a href="https://www.cftc.gov/PressRoom/PressReleases/8540-22?utm_source=govdelivery" target="_blank" rel="noreferrer noopener">statement</a>, the CFTC said it will seek disgorgement of ill-gotten gains, monetary penalties and injunctions relating to registration and trading and against further violations of the Commodity Exchange Act.



“This enforcement action sends a strong message that the Commission will act to safeguard the integrity of the market oversight process,” said Gretchen Lowe, the CFTC’s acting director of enforcement.&nbsp;



Earlier Thursday, Gemini <a href="https://cms.blockworks.co/gemini-joins-growing-list-of-crypto-exchanges-cutting-staff-amid-downturn/">said</a> it would lay off 10% of its workforce due to the crypto market downturn.&nbsp;



In a statement, a Gemini spokesperson said the company has been a “pioneer and proponent of thoughtful regulation since day one,” adding the exchange looks forward to “definitively proving this in court.”&nbsp;



Bitcoin futures contracts <a href="https://www.gemini.com/blog/cboe-and-gemini-to-launch-first-ever-bitcoin-futures-contract-ticker-xbt" target="_blank" rel="noreferrer noopener">began trading</a> on the Cboe Futures Exchange at the end of 2017 based on Gemini’s auction price for bitcoin.



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CFTC Steps Up Crypto Enforcement, Sues Exchange Gemini for ‘False’ Statements

David Canellis

<div id="highlights-block_6298e0238c487" class="highlights">
 <ul>
 <li>Gemini raised venture capital funds as recently as February, but it still hasn’t dodged the slump</li>
 <li>Crypto exchanges BitMEX, Buenbit, Bitso have all cut staff in recent months</li>
 </ul>
 
</div>



Gemini, the crypto firm founded by ‘first bitcoin billionaires’ Tyler and Cameron Winklevoss, is cutting 10% of its staff.



In a Tuesday memo sent to Gemini employees, the twins cited the ongoing crypto downturn alongside macroeconomic and geopolitical factors as reasons for the downsize, reported <a href="https://www.bnnbloomberg.ca/winklevoss-twins-gemini-slashes-staff-10-on-crypto-slump-1.1773654" target="_blank" rel="noreferrer noopener">Bloomberg</a>.



The Winklevosses referred to the current crypto climate as a “contraction phase” that’s now “settling into a period of stasis,” a point in the market cycle which has come to be known as “crypto winter.”&nbsp;



Bitcoin and ether are respectively down 37% and 51% in the year to date. Crypto’s total market capitalization has fallen for the past eight weeks in a row — from around $2.13 trillion to $1.23 trillion.



Gemini has several operational components, including crypto exchanges (both retail and institutional), custody services and over-the-counter trading. Its physical offices are closed today, and staff affected by the layoffs are to receive calendar invites for remote meetings to discuss separation packages (including healthcare benefits), according to Bloomberg.&nbsp;



The New York-headquartered company will reportedly hold a larger meeting Friday to discuss its future. There’s no word on exactly how many staff members will lose their jobs; LinkedIn ranks Gemini’s headcount at a little more than 1,000. 



The news of layoffs also comes on the same day as the US Commodities Futures and Trade Commission <a href="https://www.reuters.com/legal/transactional/us-cftc-sues-crypto-exchange-gemini-over-misleading-statements-2017-2022-06-02/" target="_blank" rel="noreferrer noopener">suing</a> Gemini for allegedly misleading regulators over potential risks associated with bitcoin futures contracts the firm had hoped to launch in 2017.



Gemini most recently raised funds in February, according to <a href="https://www.crunchbase.com/organization/gemini-99b2" target="_blank" rel="noreferrer noopener">Crunchbase</a>, a private round contributed by Tim Draper co-founded venture capital fund Draper Dragon. Before that, a $400 million round led by hedge fund Morgan Creek Digital <a href="https://www.reuters.com/markets/funds/crypto-startup-gemini-valued-over-7-bln-after-latest-fundraise-2021-11-18/" target="_blank" rel="noreferrer noopener">valued</a> Gemini at $7.1 billion.



The cuts come despite a recent string of venture capital raises in the space, including Andreessen Horowitz’s <a href="https://cms.blockworks.co/andreessen-horowitz-launches-largest-crypto-fund-ever/" target="_blank" rel="noreferrer noopener">mammoth</a> $4.5 billion fund. Still, considering the flurry of layoff announcements over the past month, the ecosystem could soon see more cuts.



Gemini is not the first to lay off staff this year. In April, crypto derivatives platform BitMEX <a href="https://www.coindesk.com/business/2022/04/04/crypto-exchange-bitmex-lays-off-75-workers/" target="_blank" rel="noreferrer noopener">shed</a> 75 employees (about a quarter of its workforce); Argentinian exchange Buenbit let go 80 employees — almost half of its roster — while Latin America’s Bitso also let go of 80 employees, representing 11% of its personnel.



While not strictly a crypto exchange, discount brokerage Robinhood (which has its own crypto division), also <a href="https://techcrunch.com/2022/04/26/robinhood-to-lay-off-9-of-full-time-employees" target="_blank" rel="noreferrer noopener">laid</a> off 9% of its full-time employees in April, which is estimated to have been around 300 people. The crypto industry saw similar widespread downsizing throughout its previous crypto winter spanning 2019 and 2020.



The growing wave of layoffs hasn’t quite made its way to Coinbase, although <a href="https://techcrunch.com/2022/05/17/coinbase-backtracks-hiring-plans-crypto-market-turmoil/" target="_blank" rel="noreferrer noopener">reports</a> surfaced last month indicating that the top US exchange would freeze hiring for two weeks and enforce cost-cutting measures after <a href="https://cms.blockworks.co/coinbase-stock-plummets-as-crypto-exchange-posts-430-million-loss/" target="_blank" rel="noreferrer noopener">posting lackluster earnings</a> in May. 



On Thursday, Coinbase <a href="https://cms.blockworks.co/coinbase-latest-crypto-firm-to-cut-costs-amid-market-downturn/" target="_blank" rel="noreferrer noopener">extended</a> its hiring freeze indefinitely and said it would rescind a number of accepted offers.



This story was updated at 2:38pm ET on June 2 2022 with details of the CFTC&#8217;s lawsuit against Gemini, and again at 6:05am ET on June 3 2022 to include Coinbase&#8217;s latest statement.



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