The economist Nouriel Roubini recently tweeted that the cryptocurrency exchange Gemini and the venture capital firm Digital Currency Group are both "scammy Ponzi cesspools" in reaction to the rising hostilities between the two companies.
Cameron Winklevoss of Gemini has criticized Barry Silbert, a fellow businessman from DCG, for allegedly utilizing "bad faith stall tactics" and mixing up funds inside his company. Winklevoss claims that since FTX's demise, Silbert has needlessly left $900 million in customer assets in limbo. Winklevoss claims the $1.675 billion Genesis loaned DCG was utilized for other business purposes and begs Silbert to agree to find a solution for Gemini Earn clients.
Silbert argued that DCG is current on all existing loans and that Genesis was not used as a source of funding for DCG. In addition, DCG advised resolving the disagreement on December 29.
The most recent crypto-related dispute highlights the complex web of connections among top businesses in the industry. Roubini called the conflict "crypto catfights about horrible sh*tcoins among doubtful people."