Cameron Winklevoss to DCG Amid Their Crypto Lending Fight: 'Good Luck' Convincing a Jury

His Gemini crypto exchange and conglomerate Digital Currency Group are battling — in and out of court — over the failure of Gemini's Earn lending service.

AccessTimeIconAug 11, 2023 at 5:43 p.m. UTC
Updated Aug 11, 2023 at 6:26 p.m. UTC
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The verbal battle between the Winklevoss twins’ Gemini crypto exchange and Digital Currency Group, the crypto conglomerate that had helped power a now-frozen Gemini lending service, continued Friday, a day after DCG sought to dismiss a fraud lawsuit.

On Thursday, DCG argued that Gemini’s fraud accusations over the Gemini Earn service should be tossed out, asserting that DCG had “virtually nothing to do with” the program. In a Friday post on X, the social-media service formerly known as Twitter, Cameron Winklevoss said, “This is a direct admission that they did in fact have something to do with the Gemini Earn program. Lol.”

A DCG unit, Genesis, held funds for Gemini Earn — which turned into a problem for Gemini when Genesis, following the failure of FTX in November, was forced to halt customer withdrawals at its lending arm. DCG also owns CoinDesk.

Winklevoss also cited a line from DCG's Thursday court filing that said DCG "owed no duty to Gemini to correct the allegedly false misstatements of [Genesis],” its subsidiary.

"You've got to be kidding me," Winklevoss wrote. "When a company you own says you wrote a $1.1 billion dollar check that you know you didn’t write, yes, you have a duty to correct this. Sorry, but this doesn’t even pass the giggle test."

Winklevoss continued: "Good luck making these arguments to a jury of your peers. See you in court."

Asked to comment, a DCG spokesperson said: "DCG's motion speaks for itself."

Edited by Mark Nacinovich.


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Nick Baker is CoinDesk’s deputy editor-in-chief. He owns less than $1,000 combined of BTC and ETH.

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