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Cameron Winklevoss to DCG Amid Their Crypto Lending Fight: 'Good Luck' Convincing a Jury
His Gemini crypto exchange and conglomerate Digital Currency Group are battling — in and out of court — over the failure of Gemini's Earn lending service.
The verbal battle between the Winklevoss twins’ Gemini crypto exchange and Digital Currency Group, the crypto conglomerate that had helped power a now-frozen Gemini lending service, continued Friday, a day after DCG sought to dismiss a fraud lawsuit.
On Thursday, DCG argued that Gemini’s fraud accusations over the Gemini Earn service should be tossed out, asserting that DCG had “virtually nothing to do with” the program. In a Friday post on X, the social-media service formerly known as Twitter, Cameron Winklevoss said, “This is a direct admission that they did in fact have something to do with the Gemini Earn program. Lol.”
STORY CONTINUES BELOW
Read more: Digital Currency Group Files to Dismiss Crypto Exchange Gemini’s Fraud Claims
Last month, @Gemini filed a lawsuit against @DCGco and @BarrySilbert for masterminding the DCG and Genesis fraud perpetrated against creditors, including Earn users. Their response filed yesterday, is filled with carefully crafted statements that are incredibly revealing.
— Cameron Winklevoss (@cameron) August 11, 2023
For… pic.twitter.com/G1DM2OJBTT
A DCG unit, Genesis, held funds for Gemini Earn — which turned into a problem for Gemini when Genesis, following the failure of FTX in November, was forced to halt customer withdrawals at its lending arm. DCG also owns CoinDesk.
Winklevoss also cited a line from DCG's Thursday court filing that said DCG "owed no duty to Gemini to correct the allegedly false misstatements of [Genesis],” its subsidiary.
"You've got to be kidding me," Winklevoss wrote. "When a company you own says you wrote a $1.1 billion dollar check that you know you didn’t write, yes, you have a duty to correct this. Sorry, but this doesn’t even pass the giggle test."
Winklevoss continued: "Good luck making these arguments to a jury of your peers. See you in court."
Asked to comment, a DCG spokesperson said: "DCG's motion speaks for itself."
Nick Baker
Nick Baker was CoinDesk's deputy editor-in-chief. He won a Loeb Award for editing CoinDesk's coverage of FTX's Sam Bankman-Fried, including Ian Allison's scoop that caused SBF's empire to collapse. Before joining in 2022, he worked at Bloomberg News for 16 years as a reporter, editor and manager. Previously, he was a reporter at Dow Jones Newswires, wrote for The Wall Street Journal and earned a journalism degree from Ohio University. He owns more than $1,000 of BTC and SOL.
