DCG Downplays Lawsuit Filed By Gemini, Calls Winklevoss' Move A 'Publicity Stunt' To 'Deflect Blame'

Digital Currency Group (DCG), the venture capital company focused on cryptocurrency, has downplayed a lawsuit filed by the crypto exchange platform Gemini Trust, saying it is just a publicity stunt.

After posting an open letter titled, "Best and Final Offer," last week and challenging DCG CEO Barry Silbert to a public discussion on Twitter Spaces, Gemini made good on its threat and sued the company and its CEO for fraud.

But, it seems the blame game does not stop there. DCG has now issued a statement in response to the lawsuit by Tyler and Cameron Winklevoss, the billionaire twins who founded the crypto exchange.

"This is yet another publicity stunt from Cameron Winklevoss to deflect blame and responsibility from himself and Gemini, which operated the Gemini Earn program," the crypto conglomerate said in a tweet.

It also dismissed allegations made by Cameron, saying that "any suggestion of wrongdoing by DCG or any of its employees is baseless, defamatory, and completely false."

DCG also said it remains "committed to reaching an amicable solution for all parties to the Genesis bankruptcy," adding that "Senior DCG leadership has been working around the clock over the course of multiple months in active negotiation with representatives of the Official Unsecured Creditors Committee and Ad Hoc Committee to reach a deal while Gemini's leadership was MIA or only issuing press statements."

The company also slammed the Winklevoss twins for not being involved "in any of the recent in-person meetings."

With the mediation process nearing completion, DCG anticipates to end the bankruptcy case of crypto lender Genesis, one of the companies under its umbrella, it assured investors.

"The mediation process is nearing a close and we expect to bring the Genesis Chapter 11 case to a conclusion soon," DCG said in a tweet.

In the lawsuit, Gemini Trust alleged that DCG and Silbert not only misrepresented but also omitted details to Gemini in a misleading, incomplete and deceptive manner.

Last week, Cameron blasted Silbert in his scathing open letter accusing the CEO of not having "any intention of doing the right thing and taking responsibility for the mess that you, your companies, and your employees created with your reckless and fraudulent behavior."

The strongly-worded letter also accused Silbert of intentionally delaying resolution by abusing the mediation process, which according to Gemini, "has given DCG an indefinite forbearance on the $630 million it owes Genesis — for free."