3 months ago 1 min read

Justin Sun Is "Deeply Concerned" About Gemini And DCG's Debt Crisis

tron-justin sun-huobi-dcg-barry silbert-cameron winklevoss-gemini

In response to Cameron Winklevoss' open letter to DCG Founder Barry Silbert asking him to "collect the loan," Justin Sun, the founder of TRON and a member of Huobi Global's advisory board, made a statement.

Huobi is "extremely concerned," according to Sun, about the debt problem affecting Gemini and the Digital Currency Group (DCG). He says he's ready to do his part to assist find a solution.

The TRON founder likewise urged universal agreement to resolve all issues:

"We think that by working together, we can overcome this crisis and emerge stronger as an industry. This is a challenging time for the entire cryptocurrency business, and we stand with the crypto community as we navigate these issues together. Together, let's weather this storm and create a better future for the cryptocurrency sector."

The Gemini co-founder published an open letter on January 3 in which he claimed that DCG owes Genesis roughly $1.675 billion. Gabor Gurbacs, director of digital asset strategy at VanEck, a New York-based investment management firm, also provided his thoughts on the matter.

"In my opinion, this is the best course of action: DCG should sell equity and compensate Genesis creditors. That strategy is sincere and sane. If there is a willing vendor, my assumption is that there are eager purchasers. Most certainly, serious buyers would desire control."

In a letter made public, Cameron Winklevoss asked DCG's creator for a plan to pay back the more than $900 million owing by January 8 and stated that DCG owes Genesis almost $1.675 billion. This was refuted by DCG's founder, who asserted that his company had never defaulted on Genesis' interest.

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