DCG CEO issues letter to shareholders amid ongoing spat with Gemini Crypto cryptocurrency DigitalCurrencyGroup
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Silbert also used the letter to dig deeper into the weeds regarding the developments with Genesis and put a little distance between himself and the day-to-day operations of the crypto lender. This is where the situation gets complicated as DCG issued the $1.1 billion promissory note to Genesis while also taking out a substantial loan from the crypto lender.
The letter from Silbert comes as Federal prosecutors from the Eastern District of New York are investigating transfers of funds between DCG and Genesis and reviewing what the companies told investors about the transactions. This forced Gemini to halt all withdrawals from Earn, and on Tuesday, the exchange sent an email to Earn users saying that the program was officially shutting down.
For now, Earn users are at the mercy of Genesis and DCG as to when they might be able to retrieve their invested funds.
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