What a difference a month makes. In early January, the Winklevoss twins and fellow crypto billionaire Barry Silbert were engaged in an unseemly screeching match on social media as the former accused Silbert of fraud and called for him to step down from as CEO of the privately held conglomerate, Digital Currency Group. But on Monday, the tone changed decidedly with everyone declaring how pleased they were to be working together on a path forward.
And so ends a crisis that erupted in November when DCG's lending subsidiary Genesis suspended payments to its business partners and later declared bankruptcy. The situation put the Winklevoss twins in an awkward position as their company, Gemini, relied on Genesis to operate its Earn program, which offered high interest rates to hundreds of thousands of retail customers to park their crypto. Those customers, unable to retrieve their funds, then filed a class action suit against Gemini, while the Securities and Exchange Commission sued both Gemini and Genesis.
