[Update, January 3] DCG is deeply in debt turmoil, Gemini Joint Venture publicly sent a letter asking for repayment as soon as possible

1 月 2 日，Gemini 联合创始人 Cameron Winklevoss 代表其 Earn 产品的超过 34 万名用户，向 DCG 创始人 Barry Silbert 发送一封公开信，要求他偿还所欠的 9 亿多美元。Cameron 在公开信中还透露 DCG 欠 Genesis 约 16.8 亿美元。但是 Barry Silbert 发文回应此事件称 没有从 Genesis 借到 16.75 亿美元，也从未拖欠 Genesis 的利息。后 Gemini 联创再次发文督促 DCG 于 1 月 8 日偿付 11 亿美元期票。详细事件请阅读："Full Text of Gemini Joint Venture DCG Open Letter: Recovery of $900 Million Loan on Behalf of Over 340,000 Users"

In fact, the DCG debt case is not unfounded, according to the previous articleWhat went wrong When Genesis, the World's largest crypto-lending platform, suspended cash withdrawals?，Genesis 是三箭资本和 FTX 破产事件中受影响较大的机构之一，也是 DCG 的子公司， 其质押的 GBTC 也是 DCG 于 2013 年成立的数字资产管理公司灰度推出的信托。 三箭资本在破产清算 2 周前，扔在押注 GBTC，不断向场外客户宣传 GBTC 套利产品。 一旦，Genesis 清算三箭资本的抵押物，势必将会影响到灰度的发展。

BlockBeats will continue to follow events and bring readers the latest news.   

Event progress

Gemini Ventures to pay back Earn Users more than $900 million in letter to DCG founder.

Gemini 联合创始人 Cameron Winklevoss 代表其 Earn 产品的超过 34 万名用户，向 DCG 创始人 Barry Silbert 发送一封公开信，要求他偿还所欠的 9 亿多美元。

DCG Founder Answers: Not Borrowing $1.675 Billion from Genesis or defaulting on Interest

Barry Silbert, founder of the Digital Currency Group (DCG), wrote in a response to the Gemini Joint Venture Letter that he did not borrow $1.675 billion from Genesis, never missed an interest payment on Genesis, All outstanding loans are still being paid. The next loan maturity date is May 2023.    

"Gemini Joint Venture confirmed the arrears of DCG in a second post, urging DCG to pay the $1.1 billion promissory note on January 8"

"There you go again. Stop pretending that you and DCG are innocent bystanders who didn't play a part in creating this mess. It's hypocritical," Gemini co-founder Cameron Winklevoss tweeted. If DCG hadn't borrowed the money, how could it have defaulted on Genesis by $1.675 billion? And that promissory note, would you be willing to promise to pay it on January 8th?"  

In response, many crypto Kols have expressed their views on the incident:

Zhu Su: DCG suffered huge losses due to the bankruptcy of Three Arrows last Summer, and filled the Hole by "Turning one's left hand over the Right Hand"

Zhu Su, co-founder of Sanarrow Capital, said in a post on social media: "DCG conspired with FTX to attack LUNA and stETH and made a lot of money in the process. DCG suffered huge losses from the Three Arrows bankruptcy last summer, as did Babel Finance and other GBTC companies.

DCG, like FTX, has been misleading its clients for the past few months and has used various methods to attack Three Arrow. No one asked Genesis how it plugged the holes. And all this time they've been taking in more deposits while they're underwater, hoping that the market price will go up. DCG is now worthless, suspected of criminal fraud, and FTX creditors have evidence of fraudulent transfers of Alameda's return of capital to Genesis. Most in the industry know that DCG founder Barry and SBF were close from the start (SBF was on the board of Genesis and gave him the first FTT-backed loan). Genesis creditors, who will push it into bankruptcy and take over the remaining DCG assets in the coming days, will likely require Barry to repay his cash out in a simple manner rather than waiting for the criminal case and restitution penalties from the U.S. Department of Justice."    

VanEck's Director of Digital Assets Strategy: DCG should sell Equity to make Genesis Creditors Whole

 纽约投资管理公司 VanEck 数字资产战略总监 Gabor Gurbacs 针对此事发表评论称「在我个人看来，解决方案就是：DCG 应该出售股权并让 Genesis 债权人得到补偿。这是一个诚实和明智的做法。我的猜测是，如果卖家有意愿，就会有愿意的买家。认真的买家可能想要控制权。」   

Messari 创始人 Ryan Selkis 称信托资产不会有风险。

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