Gemini co-founder: DCG founder's false statements misled the market, the actual value of the $1.1 billion promissory note may only be $300 million

2023-01-11 18:54:45

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ChainCatcher news, Cameron Winklevoss, co-founder of the American cryptocurrency exchange Gemini, stated that the false statements made by DCG founder Barry Silbert and other key personnel misled everyone, leading parties to believe that Genesis had recovered from the losses of Three Arrows, thereby inducing lenders to continue providing loans. Cameron also believes that the $1.1 billion promissory note provided by DCG has not been genuinely honored, and the net present value of that note should be significantly discounted, with an actual value of only about $300 million.

According to previous reports from ChainCatcher, DCG founder Barry Silbert today released a "Letter to Shareholders" in response to recent questions regarding DCG. Silbert stated that DCG did borrow funds from Genesis Capital, but these loans were always built on a fair trading basis and priced at current market rates. (Source link)

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Gemini DCG 3AC Genesis Capital

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