BREAKDOWN: DCG Responds as Gemini Accuses Company of Fraud
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 11 January 2023
⏱️ 20 minutes
🧾️ Download transcript
Summary
In his second open letter in as many weeks, Gemini Co-CEO Cameron Winklevoss ratchets up the rhetoric.
Crypto 2023 – like Crypto 2022, but angrier. This week, Gemini co-CEO Cameron Winklevoss accused Genesis, DCG and DCG CEO Barry Silbert of fraud in a major escalation of their fight over frozen funds. Silbert and DCG, CoinDesk’s parent, responded with their own letter and Q&A arguing that Genesis and DCG are fundamentally different entities. NLW covers the war of words and the community’s response to it.
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Transcript
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| 0:00.0 | Basically, Gemini is saying this $1.1 billion promissory note is fraud, and DCG is saying, |
| 0:05.6 | no, it's not. People in the community seem split between, on the one hand, the idea that |
| 0:09.8 | Gemini has hired very good lawyers, who wouldn't let them pursue a weird strategy for no gain, |
| 0:14.4 | versus on the other side the idea that if they actually had a big legal standing to fight from, |
| 0:18.7 | they might not be doing it so in public. |
| 0:22.0 | Welcome back to The Breakdown with me, NLW. |
| 0:26.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:32.3 | The breakdown is produced and distributed by CoinDesk. |
| 0:37.5 | What's going on, guys? |
| 0:38.6 | It is Wednesday, January 11th, and today is Gemini versus DCG Part 2, The Sequel. |
| 0:45.4 | Before we get into that one quick note, there are two ways to listen to the breakdown. |
| 0:50.1 | You can hear us on the Coin Desk podcast network feed, which comes out every afternoon |
| 0:53.5 | and features other great Coin desk shows, or you can listen on the breakdown only feed, which comes out a |
| 0:58.0 | couple hours later in the evening. Wherever you listen, if you are enjoying the show, I would |
| 1:01.9 | so appreciate it if you would take the time to leave a rating or a review. It makes a huge difference. |
| 1:06.9 | But let's get into the meat of today, and that is, of course, the DCG drama continuing. |
| 1:13.8 | I mentioned on yesterday's show as I was finishing up recording that Cameron Winklevoss had just |
| 1:17.8 | dropped another open letter, his second in two weeks. That letter ended up eliciting the longest |
| 1:22.8 | response we've seen for months from DCG and its CEO, Barry Silbert. At this point, I don't think many of you need too much background, but the ultra-TLDR of the |
| 1:32.3 | situation is that Genesis is a subsidiary of the digital currency group, DCG, who also own |
| 1:38.3 | CoinDesk, by the way, and Genesis has both a lending business and a trading business. |
| 1:43.1 | The lending business in particular had a rough 2022. They were the biggest creditor of Three Arrow's Capital after it |
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