### Cameron Winklevoss released another open letter but this time to the board of DCG. Cameron is calling for the removal of Barry Silbert.

Cameron Winklevoss tweeted his open letter to the DCG Board, which contains even more serious allegations against Barry Silbert. 

<blockquote className="twitter-tweet"><p lang="en" dir="ltr">Earn Update: An Open Letter to the Board of <a href="https://twitter.com/DCGco?ref_src=twsrc%5Etfw">@DCGco</a> <a href="https://t.co/eakuFjDZR2">pic.twitter.com/eakuFjDZR2</a></p>— Cameron Winklevoss (@cameron) <a href="https://twitter.com/cameron/status/1612806661508567042?ref_src=twsrc%5Etfw">January 10, 2023</a></blockquote>

Cameron claims that Barry Silbert defrauded Gemini's earn customers. He claims that the problem started when Genesis lost around $1.2B to Three Arrows Capital. 

At that time, the loss only amounted to 15% of the loan book of Genesis so it was quite manageable. But, Barry Silbert made it appear that the problem was fixed, when no sufficient action was actually taken to restore the lost liquidity. 

Cameron accuses Genesis and key personalities of Genesis of lying to the public, lying to its own employees and committing accounting fraud. Cameron also believes that the cause of the problems is greed - Barry Silbert engaged in extremely risky lending to 3AC in a scenario wherein there was a conflict of interest. 

As Genesis was lending money to 3AC, that money was being used to purchase GBTC (Greyscale Bitcoin Trust). GBTC is owned by Grayscale, another subsidiary of the DCG group, also under control of Barry Silbert. The transactions earned a good amount of fees for Grayscale Investments, LLC, another DCG group company. 

Further, 3AC was actually acting merely as a conduit for Genesis to be able to swap BTC for GBTC - essentially a bet that GBTC would be worth more than BTC. Yet, bizarrely, Genesis seems to have never benefited from the swaps but, yet, Genesis absorbed the losses when the GBTC price fell below the BTC price. 

Cameron believes that Barry Silbert was ok with this situation (Genesis would only possibly lose, and never gain) so that he could ensure that GBTC gets filled with more and more bitcoin. Cameron called these trades 'radioactive'. His conclusion is that Barry Silbert cannot remain as CEO of DCG. He contends that Silbert's removal is the only path forward. 

Cameron Winklevoss released another open letter but this time to the board of DCG. Cameron is calling for the removal of Barry Silbert.

Wed Jan 11 2023

Cameron Winklevoss Calls for Removal of DCG's Barry Silbert

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Wed Jan 11 2023 Cameron Winklevoss Calls for Removal of DCG's Barry Silbert

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Wed Jan 11 2023

Cameron Winklevoss Calls for Removal of DCG's Barry Silbert