Barry Silbert And DCG On The Offensive: Look To Dismiss Gemini’s Lawsuit

Barry Silbert And DCG On The Offensive: Look To Dismiss Gemini’s Lawsuit
фото показано с : bitcoinist.com

2023-8-11 02:00

Per a Bloomberg report, Digital Currency Group and its CEO Barry Silbert are moving to try to dismiss the lawsuit filed by their former partner, crypto exchange Gemini. The two entities have been in a legal battle since early 2023 due to its “Earn Program,” which collapsed with Genesis.  

Barry Silbert Make His Move

In a document filed with the US Southern District of New York, Barry Silbert and the Digital Currency Group (DCG) requested Judge Lewis Liman to drop the case based on the Federal Rules of Civil Procedure.

According to Bloomberg, Silbert, and the crypto company claimed that Gemini has allegedly failed to present evidence to support the fraud charges. Furthermore, Silbert claims their former partners, Cameron Winklevoss and Tyler Winklevoss, engage in “character assassination.”

Failed company Genesis provided services to Gemini, allowing it to support its “Earn Program” and provide its users with yield for their cryptocurrencies. However, users could not withdraw their funds when the company went bankrupt, leading to a lawsuit against Gemini.

The Winklevoss-led company attempted to negotiate with DCG and Silbert, but the parties are yet to reach an agreement. In the meantime, users have been unable to withdraw their assets. The Winklevoss and Gemini are yet to issue an official statement as of this writing.

As for the DCG, the company is likely waiting to see if the US Securities and Exchange Commission (SEC) will approve a Bitcoin spot Exchange Traded Fund (ETF) in the country. This decision would allow them to potentially convert one of their subsidiaries, Grayscale, biggest products, into this financial instrument.

Thus, the company could see a fresh influx of capital, allowing it to weather out the crypto winter and stay afloat. Since the rumors of the SEC approving a Bitcoin spot ETF began circulating, the Grayscale Bitcoin Trust (GBTC) discount has declined.

The chart below shows that the discount between the GBTC and the Bitcoin spot price was around 40% in late June. In the following month, the gap closed, standing at 25%, and could continue to improve as a decision approaches.

As of this writing, Bitcoin trades at $29,400 with sideways movement on the daily chart.

Cover image from Unsplash, chart from Tradingview

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Gemini dollar (GUSD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.9802
Капитализация $0 Rank 99999
Доступно / Всего 0 GUSD

gemini barry lawsuit dismiss silbert early 2023

Источник: bitcoinist.com

gemini barry → Результатов: 26


Crypto Clash: Gemini And Genesis Owner Barry Silbert Go To Court Over Lost Bitcoin

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has filed a lawsuit against Digital Currency Group (DCG) and its founder Barry Silbert in a New York court on July 7.  The company is seeking to recover the damages and losses incurred due to DCG’s and Silbert’s alleged “false, misleading, and incomplete” representations and […]

2023-7-8 01:00


Berkeley Professor Questions Stablecoin Viability in Unflattering Op-Ed

University of Berkeley Professor Barry Eichengreen has taken a swipe at the viability of stablecoins in an op-ed published on Project Syndicate. The critique, entitled “The Stable-Coin Myth,” argues stablecoins are not automatically "viable" just because they are pegged to an asset, though Eichengreen does believe they have an advantage over "conventional cryptocurrencies" such as bitcoin which he says "is highly unstable" and "unattractive as units of account.

2018-9-13 18:07


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Coinbase Is Dominating a Key Bitcoin ETF Service

The race to provide a key bit of infrastructure for bitcoin [BTC] ETFs – custody services – hasn't actually been much of a race so far. Crypto exchange Coinbase has dominated so far, winning the job from the majority of applications from the likes of BlackRock, WisdomTree and Valkyrie.