TechFlow news — Cameron Winklevoss, co-founder of U.S. cryptocurrency exchange Gemini, posted that DCG founder and CEO Barry Silbert, along with other key personnel, misled everyone through false statements, making parties believe Genesis had recovered from losses due to the Three Arrows Capital bankruptcy, thereby inducing lenders to continue providing loans. Cameron believes that the $1.1 billion promissory note provided by DCG has not been genuinely honored, and its net present value (NPV) should be significantly discounted (approximately 70%) to reflect its current value—likely around $300 million.
Additionally, Cameron exposed to DCG's board how its executives colluded with Genesis and Three Arrows Capital to improperly manipulate GBTC, a scheme that ultimately failed, resulting in Genesis accumulating massive debt and triggering a severe liquidity crisis across the DCG group.Original link
