Gemini’s Cameron Winklevoss Slams Crypto Exec Barry Silbert Over Frozen Funds
- Gemini lent user funds to Silbert’s troubled Genesis brokerage
- Winklevoss says DCG used money from Genesis for other purposes
Cameron Winklevoss
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
The fallout from the collapse of Sam Bankman-Fried’s crypto empire just got messier, with digital-asset entrepreneur Cameron Winklevoss accusing fellow businessman Barry Silbert of “bad faith stall tactics” and the intermingling of funds within his conglomerate that Winklevoss says have left $900 million in customer assets needlessly in limbo since FTX’s meltdown.
Gemini Trust Co., founded by Winklevoss and his twin brother, paused redemptions on a lending product called Earn, which offered investors the potential to generate as much as 8% in interest on their digital coins. It did so by lending them out to Genesis Global Capital, one of the companies owned by Silbert’s Digital Currency Group.