In a recent update, Barry Silbert and his venture capital firm, Digital Currency Group (DCG) have taken a step up by filing a motion to dismiss a lawsuit initiated by Gemini Trust Company in the previous month.
DCG submitted a motion to the Manhattan Federal Court on August 10th. They put forth the argument that the lawsuit from Gemini, the crypto exchange founded by the Winklevoss twins, lacks substantial evidence.
A motion further contended that both DCG and its CEO should not be held responsible for the alleged misrepresentations attributed to Genesis.
As per the allegations in the lawsuit by Gemini, DCG and Sibert are accused of providing false, misleading, and incomplete representations to Gemini subsequent to Genesis, a DCG-owned entity.
Additionally, the motion underlined the assertion that the Winklevoss twins are attempting to tarnish the reputation of DCG and Silbert through the dissemination of false statements in the crypto market.
It’s important to note that DCG and Silbert’s legal representative pointed out that Gemini failed to provide a clear explanation for why they considered Silbert’s presentation to be fraudulent.
Additionally, they noted that some of the allegations pertained to Genesis rather than DCG or Silbert.
The letter backing the motion emphasized that the remaining part of the complaint is a mix of conclusory allegations directed at Genesis, a non-defendant. The letter stressed that these claims should have been raised within Genesis’ bankruptcy proceedings.
Furthermore, it was pointed out that these allegations concerning “Genesis have no legal bearing on the claims against the actual Defendants in this case.”
The legal representative of DCG and Silbert also contended that the Winklevoss twins orchestrated a “character assassination campaign” on Twitter, aiming to shift responsibility for dissatisfied Gemini Earn Customers.
The letter clarified that DCG and Silbert played an insignificant role in the Gemini Earn Program and should not be held accountable based on the arguments made between each Gemini Earn customer and Gemini and Genesis.
Also Read: Gemini Facilitates Crypto Withdrawals for Voyager Users
