JUST IN: Barry Silbert's crypto conglomerate DCGco has filed a motion to dismiss allegations of fraud made in a July 7 lawsuit from Gemini, the Winklevoss twins' exchange. IanAllison123 reports
claims DCG and Silbert misrepresented the financial health of lending subsidiary Genesis and induced Gemini Earn customers to continue in the lending program, even though DCG and Silbert were aware Genesis had a billion-dollar hole in its balance sheet linked to last year’s collapse of Three Arrows Capital, a crypto hedge fund that's also known as 3AC.The Gemini Earn program was launched in February 2021. It allowed the exchange’s retail customers to earn yields of up to 7.
DCG also said Genesis “is not a defendant here,” claiming that “Gemini actively encouraged its existing customers to lend their digital assets to Genesis in exchange for interest, representing to its customers that it was a sophisticated market participant and that it had thoroughly vetted Genesis.”
A critical component of Gemini’s complaint concerns claims that DCG and Silbert assured the Winklevoss twins, during a meeting in the summer of last year that DCG had absorbed a $1.1 billion hole left in the Genesis balance sheet caused by the 3AC collapse. The Winklevoss twins claim the loan, a 10-year promissory note at 1% interest,DCG, in its dismissal, said Gemini “does not explain” why the representation made by Silbert at a lunch meeting with a Gemini co-founder was fraudulent.
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