Gemini co-founder Cameron Winklevoss has escalated his battle with DCG and its CEO Barry Silbert, with an open letter to the DCG board.
January 10, 2023 | | | | | 📈 30 Second Cryptocurrency Price Summary | Current Bitcoin Price: $17,298 | Bitcoin price has held strong above $17,000 over the last 24 hours, as price re-approaches yesterday's highs. | Top-20 altcoins have seen small pull-backs in price, as Ether drops 1%, BNB retraces 2% and Shiba Inu is one of the few gainers with a 3% rise. | Top Stories for January 10, 2022 🔥 | | Gemini exchange co-founder Cameron Winklevoss has escalated his battle with Digital Currency Group and its CEO Barry Silbert, with an open letter to the DCG board. | Winklevoss alleges that Silbert and DCG subsidiary, Genesis Global Capital, defrauded more than 340,000 users of the Gemini Earn program, lending over $2.3 billion to Three Arrows Capital, which resulted in a loss of $1.2 billion for the crypto firm when the hedge fund failed in June 2022. | He also claims that Silbert and DCG orchestrated a "carefully crafted campaign of lies" to show that DCG had injected funds into Genesis by including a 10-year promissory note as part of its assets. Winklevoss says "there is no path forward as long as Barry Silbert remains CEO of DCG." | | Major crypto exchange Coinbase has announced that it will cut 950 jobs, a move that is expected to reduce operating costs by 25% compared to the December quarter. | Despite the cut, Coinbase stock price has risen 7%, while analyst firm Needham maintained its "buy" rating on the stock and a $73 price target. Needham cited the positive impact of the cost reductions and the staking opportunity coming out of the Shanghai Upgrade. | The company also lowered its December and 2022 full-year revenue estimates due to expected lowered volume for retail and institutions. | | Shares in the Grayscale Bitcoin Trust (GBTC) rose 11.56% on Monday, narrowing its discount from the price of Bitcoin. The OTC-traded security is now at $9.65, which brings the trust's discount against the net asset value of its Bitcoin holdings to 38.55%, the smallest gap since mid-November. | GBTC is a publicly-listed financial vehicle that gives investors exposure to Bitcoin without needing to buy and hold the asset physically, but it has been trading at a discount rather than a premium since late February 2022. |
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