November, the crash of crypto exchange ftx saw genesis halt withdrawals, owing high-yield savings product gemini earn $900 million. cameron winklevoss wrote an open letter to dcg ceo barry silbert, accusing him of “bad faith stall tactics” and claiming that dcg owes genesis a total of $1.675 billion. barry silbert denied this figure. ftx, founded by sam bankman-fried, was the cause of the problem.
Crash of ftx occurred in november, with the company’s bankruptcy leading to a number of crypto companies and digital coins and tokens taking a severe beating. derar islim said in a wednesday update to clients that the genesis team is intent on sorting the problem out and believes it “can arrive at a solution.” the contagion has continued to spread since.
Crash of ftx happened due to the company’s alleged misappropriation of customer funds and risky investment bets through its sister trading firm alameda research. this led to an $8 billion hole and the bankruptcy of ftx, which had a knock-on effect on other crypto companies and digital coins and tokens. cameron winklevoss accused dcg of “bad faith stall tactics” and claimed that dcg owes genesis a total of $1.675 billion, though barry silbert denied this figure.