Digital Currency Group was accused of withholding $900,000,000

Cameron Winklevoss, one of the founders of the Gemini cryptocurrency platform, has filed charges against Barry Silbert, who is the CEO of Digital Currency Group. In an open letter, Winklevoss expresses outrage at the "unscrupulous tactics" that involve postponing the regulation of refunds to its clients.

After the unpleasant situation that happened with FTX, many companies began to experience great financial difficulties due to the loss of their funds, which were on the American cryptocurrency exchange. Some of these companies began to reimburse customers for losses, while the other half referred to their financial insufficiency.

Now Gemini's top management is expressing concern and dissatisfaction towards the Digital Currency Group for delaying the return of funds to Gemini customers in the total amount of $900,000,000. Cameron Winklevoss posted an open letter on his Twitter account, which everyone can read.

On November 16, it became known that Genesis Global Capital had lost the ability to pay out funds to its clients, in connection with which they notified the latter of a temporary suspension of payments.

Being under the wing of the Digital Currency Group, Gemini also asked top management for help in dealing with fairly dissatisfied customers, but they did not respond to requests for a month and a half. Barry Silbert, who is in the top management of Digital Currency Group, in turn said that on December 29 they sent an offer to which Gemini did not give any answer.

In this regard, the Gemini Earn program, which was one of the killer features of the platform, crashed and could no longer attract customers. Along with this, it was suspended in the same way as the withdrawal of client funds.

In addition to DCG being unable to help them pay off $900,000,000 of customer debt, Cameron Winklevoss also accused Digital Currency Group of $1,600,000,000 in debt. According to him, DCG used the funds in order to achieve success in other companies belonging to the DCG holding, and not for the purpose of settling creditors. The Digital Currency Group is well aware of the state of the Gemini.

A month ago, information appeared on the network about the amount of Gemini's total debt to creditors. The company owes more than $1,800,000,000, in addition to the fact that another group of clients reported a debt of $900,000,000.

Gemini's troubles didn't end there. The company received a lawsuit. Investors claimed that the Winklevoss brothers, who founded the Gemini cryptocurrency marketplace, were selling a product that was not registered as a security. They noted that according to the founders of Gemini, their Earn service could allow investors to earn up to 8% per annum. Now depositors cannot withdraw their funds.