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Gemini’s Cameron Winklevoss Mocks DCG’s Lawsuit Reply

2 mins
Updated by Ryan James
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In Brief

  • Gemini CEO Cameron Winklevoss has heavily criticized Digital Currency Group's (DCG) response to its lawsuit, describing it as a "comical."
  • DCG said the Gemini lawsuit was an extension of a public relations smear campaign initiated by the exchange co-founders
  • Gemini is looking to attract more users to its platform with a giveaway of more than 28,000 XRP tokens within a week.
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Gemini co-founder Cameron Winklevoss criticized Digital Currency Group and Barry Silbert’s response to its lawsuit over the Gemini Earn program.

On August 11, Winklevoss described the response as “a brief written by a law school student conjuring up technical legal defenses in a vacuum.”

Winklevoss Criticizes DCG For Denying Role in Earn Program

In July, Gemini filed a lawsuit against DCG and Silbert over the failure of its bankrupt subsidiary, Genesis. The bankrupt lender could not honor its obligations to its creditors, including the Gemini Earn program, due to its exposure to the FTX’s collapse.

Cameron asserted that DCG’s explanation regarding its non-involvement in the Earn program amounted to clearly acknowledging its responsibility. The exchange CEO pointed out that DCG’s argument, suggesting it holds no obligation to rectify purportedly inaccurate statements from Genesis to Gemini, lacks credibility when subjected to scrutiny.

“You’ve got to be kidding me, When a company you own says you wrote a $1.1 billion dollar check that you know you didn’t write, yes, you have a duty to correct this,” he wrote.

Winklevoss alleged that this response followed Silbert’s pattern of evading accountability, feigning ignorance, and exploiting technicalities to evade legal obligations. He added that the response “completely ignores the reality of the situation in a comical way.”

On August 10, DCG filed a motion to dismiss the ongoing lawsuit brought forth by Gemini. The cryptocurrency investment firm framed the lawsuit as an extension of a public relations smear campaign initiated by Gemini’s co-founders.

DCG further stated that despite both companies’ corporate relationship, Gemini failed to attach Genesis as a defendant in the case. Due to this, it wants the court to dismiss all of the charges with prejudice.

Gemini Plans 28K XRP Giveaway

Meanwhile, Gemini is trying to attract more users to its platform by giving away 28,000 XRP tokens in one week. In an August 11 tweet, Gemini announced the launch of an XRP faucet program that will give away 4,000 XRP daily until August 18.

Throughout the period, the faucet would open by 3:00 pm EST until the day’s allocation was depleted. The giveaway allows people with verified Gemini accounts to claim a maximum of 20 XRP daily.

The exchange has taken steps to attract greater participation by relisting the XRP token and incorporating support for the XRP Ledger (XRPL) blockchain. Despite this, Gemini encountered minor challenges with the digital asset. Its value soared to $50 on the platform due to liquidity issues.

Top crypto platforms in the US | February 2024

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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