In an open letter to Barry Silbert, Gemini co-founder Cameron Winklevoss said that Digital Currency Group owes Genesis approximately $1.675 billion.
To be clear, this mess is entirely your own making. Digital Currency Group (DCG) – of which you are the founder and CEO – owes Genesis (its wholly owned subsidiary) approx. $1.675 billion. This is money that Genesis owes to Earn users and other Creditors. You took this money – the money of schoolteachers – to fuel greedy share buybacks, illiquid venture investments, and kamikaze Grayscale NAV trades that balooned the fee-generating AUM of your Trust…
DCG did not borrow $1.675 billion from Genesis.
DCG has never missed an interest payment to Geneiss 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.