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Garry Silbert, founder and CEO of Digital Currency Group (DCG), recently took to Twitter to reflect on his early experiences acquiring Bitcoin and the current hurdles he’s encountering while trying to invest in a rising token called TAO. His musings about Bitcoin acquisition challenges from a decade ago quickly shifted to the hurdles he now faces with TAO, which has garnered significant attention within the cryptocurrency space.
In his post, Silbert drew a comparison between his Bitcoin acquisition “pain points” back in the early days and his current struggles to get hold of TAO. This upcoming token has sparked interest in the crypto community, with Silbert hinting that a potential listing on Coinbase could be “game-changing,” particularly for its market exposure and liquidity. TAO is already available on platforms like Kraken and Binance, but a Coinbase listing, Silbert argues, would cement its position as a major player.
Federal Scrutiny Over Financial Dealings
However, the excitement around TAO isn’t the only reason Silbert is making headlines. U.S. investigators have begun scrutinizing a heated feud between Silbert and Cameron Winklevoss, co-founder of Gemini Trust Co. Winklevoss has accused Silbert and DCG of fraudulent practices, specifically concerning financial dealings between DCG and its now-bankrupt subsidiary, Genesis Global Capital.
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The ongoing investigation, involving the SEC, FBI, and Brooklyn prosecutors, is centered on whether Silbert and DCG engaged in any illegal practices during their collaboration with Genesis. Despite Silbert and DCG denying the accusations, the case has gained widespread attention due to the size and reputation of the involved companies.
The Genesis Collapse
Genesis, a DCG subsidiary, once partnered with Gemini on a popular program called “Gemini Earn.” The program allowed Gemini users to earn up to 8% interest on their digital assets. But things took a sharp downturn when the collapse of the crypto hedge fund Three Arrows Capital (3AC) in mid-2022 left Genesis with a massive financial deficit. The situation worsened after the downfall of FTX later that year.
By late 2022, facing mounting redemption requests, Genesis froze withdrawals and ultimately filed for bankruptcy in January 2023. To make matters worse, the SEC charged both Genesis and Gemini for selling unregistered securities via the Gemini Earn program. All parties, including the Winklevoss brothers, have denied the charges, but the investigations continue, casting a shadow over the crypto giants.
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As the legal scrutiny intensifies, Silbert remains hopeful for the future, with his sights set on the potential success of TAO, even as the past continues to catch up with him.
