So much drama. Crypto billionaires Cameron Winklevoss and Barry Silbert were back at it yesterday as the former issued a public letter accusing the latter of "defrauding" thousands of investors of the high-interest Earn program. Silbert soon after shot back with a letter of his own, telling Digital Currency Group shareholders that the past year has been the most difficult in his life, and lamenting that his integrity has been questioned.
If you're wondering what this is all about, it stems from the fact that customers of Earn—a service spun up by Winklevoss's firm Gemini, which promised 8% returns to investors who lent their crypto—have not been able to withdraw their funds due to financial troubles at DCG subsidiary Genesis. Winklevoss blames those troubles on Silbert taking loans from Genesis in order to make "kamikaze" bets on another of DCG's subsidiaries and accuses him of lying about the financial health of the subsidiary. For good measure, Winklevoss added his voice to a fledgling campaign that claims it can oust Silbert as CEO.
