### The open letter of Cameron Winklevoss to Barry Silbert gives a scary insight as to how bad the fallout from the Genesis issue could be: almost $900 billion owed, but not being paid by Genesis to Gemini. 

On November 16, 2022, Genesis halted crypto withdrawals as they too were affected by the FTX debacle. To date, the withdrawals remain closed. Cameron’s letter reveals a massive $900 million hole in Gemini caused by Genesis’ move to halt withdrawals. 

Cameron explains that the funds belong to 340,000 of Gemini’s “Earn” users. Cameron shares that: “These user’s aren’t just numbers on a spreadsheet, they are real people. A single mom who lent her son’s education money to you. A father who lent his son’s bar mitzvah money to you. A husband and wife who lent their life savings to you. A school teacher who lent his children’s college funds to you. A policeman, and so many more. All together, these people entrusted more than $900 million of their assets to you. They deserve concrete answers and we are here to get them.” 

It appears that Winklevii-owned Gemini had been running their “Earn” program through Genesis, or otherwise stated that Genesis was managing and taking custody of all Gemini funds in the Gemini “Earn” program. 

Barry Silbert replied to the open letter on Twitter: 

<blockquote className="twitter-tweet">DCG did not borrow $1.675 billion from Genesis DCG has never missed an interest payment to Genesis and is current on all loans outstanding; next loan maturity is May 2023 DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response&mdash; Barry Silbert (@BarrySilbert) <a href="https://twitter.com/BarrySilbert/status/1609926715454771200?ref_src=twsrc%5Etfw">January 2, 2023</a></blockquote> 


Crypto YouTuber Altcoin Daily had expressed concern that if Barry Silbert is unable to pay Gemini and other creditors, he may be forced to liquidate other assets owned by his crypto group DCG (Digital Currency Group) including assets of its subsidiary Grayscale. 

 <iframe width={560} height={315} src="https://www.youtube-nocookie.com/embed/NGuMNQNKT58" title="YouTube video player" frameBorder={0} allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowFullScreen />

The most worrisome (although unlikely) scenario is a liquidation of the Grayscale Bitcoin Trust amounting to over 600,000 bitcoins. An event wherein 600,000 bitcoins come to the market, is again quite unlikely but possible. 


If it happens, we could see another huge leg down from the present price range - which is already perceived to be quite low and possibly already a bottom. 

See the full text of the open letter here: 

<blockquote className="twitter-tweet">Earn Update: An Open Letter to <a href="https://twitter.com/BarrySilbert?ref_src=twsrc%5Etfw">@BarrySilbert</a> <a href="https://t.co/kouAviTho4">pic.twitter.com/kouAviTho4</a>— Cameron Winklevoss (@cameron) <a href="https://twitter.com/cameron/status/1609913051427524608?ref_src=twsrc%5Etfw">January 2, 2023</a></blockquote>

The full text is available [here](https://cryptoflash.report/articles/full-text-cameron-winklevoss-open-letter-to-barry-silbert).

The open letter of Cameron Winklevoss to Barry Silbert gives a scary insight as to how bad the fallout from the Genesis issue could be: almost $900 billion owed, but not being paid by Genesis to Gemini. 

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