In a recent development, John E Deaton, the founder of the US crypto regulatory news platform CryptoLaw, has suggested that Cameron Winklevoss, an American investor, and entrepreneur, consider filing a lawsuit against Digital Currency Group (DCG) after examining Winklevoss’ open letter to Barry Silbert, CEO of DCG. Deaton, a pro-XRP attorney, took to Twitter to assert that if Cameron could substantiate his claims, it would be advisable to take legal action against Silbert and his company.
Cameron Winklevoss shared a Twitter thread earlier today, which included a screenshot of an open letter addressed to Barry Silbert. This letter served as a follow-up to a previous one and began by highlighting the fact that it had been 229 days since Genesis, a bankrupt crypto lender owned by DCG, halted withdrawals. Winklevoss emphasized the need for DCG to repay the affected customers who have approximately $1.2 billion of assets trapped in Genesis.
XRP lawyer take on Winklevoss open letter
The open letter went on to detail what Winklevoss described as a “culture of lies and deceit” orchestrated by Barry Silbert to conceal the insolvency and financial condition of Genesis. The investor also expressed dissatisfaction with Silbert’s response to his previous letter, describing it as “oblique.” The initial letter, dated January 2, 2023, addressed the significant debts that DCG owes to individuals and organizations, particularly to the crypto platform Gemini. According to the letter, Genesis owes $900 million to Gemini, which was lent to them as part of the Gemini Earn program.
After carefully scrutinizing the letter, John E Deaton pointed out the importance of taking someone at their word and actions when they reveal their true character. He emphasized the notion of apprehending an individual if they show “who he really is,”, particularly in times of crisis where integrity and honor are paramount.
Ryan Selkis, the founder of the crypto analytic platform Messari, also weighed in on Winklevoss’ letter. Selkis lamented the tactics employed by the Securities and Exchange Commission (SEC) to allegedly exploit retail shareholders and protect bankers in an attempt to cover up DCG’s insolvency.
With these recent developments, it remains to be seen whether Cameron Winklevoss will pursue legal action against Digital Currency Group based on the allegations outlined in his open letter. The situation continues to garner attention and highlights the ongoing challenges and complexities within the cryptocurrency industry.
