Winklevoss Alleges Fraud Against Digital Currency Group, Authorities Investigating Claims

U.S. authorities are investigating claims of fraud made by Cameron Winklevoss against Digital Currency Group (DCG) and its CEO Barry Silbert.
Winklevoss alleges DCG and Silbert misrepresented the financial health of DCG's lending arm Genesis, which filed for bankruptcy.
Gemini, co-founded by Winklevoss, was Genesis' largest creditor and is now suing DCG and Silbert.
Federal prosecutors, FBI, and SEC recently interviewed Winklevoss about his claims against DCG and Silbert.
DCG denies any wrongdoing. Authorities have not accused DCG or Silbert of misconduct and investigations may not lead to charges.

reuters.com

Relevant topic timeline:

8/29/2023

DCG Reaches Crucial In-Principle Deal With Genesis Creditors, Recoveries Could Be Up to 90%

Digital Currency Group (DCG) has reached an in-principle deal with Genesis creditors, potentially resulting in recoveries of 70%-90% for unsecured creditors and 65%-90% recovery on an in-kind basis, subject to market pricing and definitive documentation.

9/6/2023

Genesis Global Capital Files for Over $600M in Unpaid DCG Loans: Court Docs

Genesis Global Capital has filed a lawsuit against Digital Currency Group (DCG) and Digital Currency Group International (DCGI) seeking repayment of over $600 million in loans, alleging that DCG and DCGI are wrongfully in possession of property belonging to Genesis Global Capital's bankruptcy estate.

9/17/2023

Gemini Disputes Digital Currency Group's Bankruptcy Recovery Plan, Says Lenders Won't Recover Assets Owed

Digital asset exchange Gemini accuses Digital Currency Group of using deceptive practices to avoid repaying its obligations to the creditors of Genesis, its bankrupt crypto lending unit.

9/27/2023

Winklevoss Twins Withdrew $280 Million From Crypto Firm Months Before Its Collapse

Gemini co-founders Cameron and Tyler Winklevoss secretly withdrew over $280 million from the crypto company's bank shortly before its collapse, leaving customers unable to access their deposits, raising questions about what they knew and potentially undermining their claims in a pending lawsuit against Digital Currency Group owner Barry Silbert.

9/28/2023

Gemini Withdrew $282M From Genesis Before Collapse to Protect User Assets

Cryptocurrency exchange Gemini has responded to allegations that the Winklevoss twins withdrew $282 million from Genesis Global Capital, stating that the funds were from its Earn users and not their own personal or corporate funds.

Topics

Posted 9/7/2023, 9:43:00 PM