The situation regarding cryptocurrency lending platform Genesis, its owner Digital Currency Group (DCG) and cryptocurrency exchanges Gemini and Battle, has a new development. In an open letter from Gemini to the CEO of DCG, the trading platform rails against DCG. Since then Bitvavo has responded to the development.
DCG is trying to slow things down
In the open letter, Gemini co-founder Cameron Winklevoss writes that the parties involved in this situation have been trying to sit down with DCG CEO Barry Silbert for six weeks. However, according to Winklevoss, Silbert is trying to keep things together.
Earn Upgrade: An Open Letter to @BarrySilbert pic.twitter.com/kouAviTho4
— Cameron Winklevoss (@cameron) January 2, 2023
Silbert would initially like to sit around the table only if a concrete proposal is made. That proposal it was presented in December. But still Silbert holds the boat at bay. “Every time we ask for a real commitment you hide behind lawyers, investment banks and the process.”
Winklevoss isn’t exactly kind to Silbert’s behavior: “completely unacceptable and inconceivable,” said the Gemini founder. He closes his open letter with:
“She [de Earn gebruikers] they deserve a solution to recover the assets they lent you and put an end to this nightmare. To that end, and for the last time, we ask you to publicly commit to working together to resolve this issue by January 8, 2023. We remain ready and eager to work with you, but time is running out.
Bitvavo replies
Since Bitvavo also receives money from Genesis, the Dutch exchange sent after the publication of the open letter your own update. It says that due diligence is key and that talks are still ongoing. According to Bitvavo, a solution is also “in sight”.
“For example, concrete proposals were discussed between creditors and DCG between Christmas and New Year.”
Bitvavo is less scathing about DCG’s attitude. According to the trading platform, it takes time to reach a conclusion. The crypto exchange underlines once again that the situation will have no consequences for its customers:
“We have previously indicated that the current situation regarding DCG has no impact on Bitvavo’s customers, its platform and its services. Bitvavo guarantees the remaining amount and has therefore taken the risk from its customers.
