Lawsuit Time! Winklevoss and Gemini Sue DCG and Barry Silbert
The Breakdown
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The Fraud of Genesis's Ten Year Promissory Note
When three arrows collapsed in June 2022, it blew a $1.2 billion hole in Genesis's balance sheet. Instead of coming clean, Genesis claimed that everything was business as usual because DCG had stepped in to absorb the losses. It's now clear that this was a carefully crafted lie. DCG didn't absorb any losses or provide real capital. Behind the scenes, DCG wrote Genesis's sham 10-year promissory note with a measly 1% interest rate worth just a fraction of its 1.1 billion face amount.
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