Connect with us

Published

on

The Co-Founder of Gemini, Cameron Winklevoss, has released an extensive letter alleging that Genesis and its parent company, Digital Currency Group (DCG), defrauded Gemini and more than 340,000 Gemini Earn users. The letter also levies substantial claims of fraud against Barry Silbert and other key personnel at the companies. 

The letter alleges that after Genesis Global Capital LLC, Genesis Trading’s $2.8 billion crypto lending arm, realized losses of at least $1.2 billion in the wake of cryptocurrency hedge fund Three Arrows Capital’s collapse, instead of taking action to restructure and protect users, the fund tried to defraud others into believing that $1.2 billion of working capital had been injected into the company.

Instead of doing this, however, the firm allegedly marked a 10-year promissory note down as a current asset, which normally “refers to cash, cash equivalents, or other assets that can be exchanged into cash within one year,” according to the letter. However, Winklevoss writes that, “A promissory note with a principal repayment due in 10 years falls outside the definition of a ‘current asset’ by a country mile.”

Winklevoss also describes how Genesis was allegedly lending to Three Arrows Capital without regard to the risk of these loans, as the crypto hedge fund was apparently redirecting investment into Grayscale Investments’s GBTC, which limited the growing discount of the Trust. This risk was then passed on to the users of Gemini Earn.

The letter claims that greed is ultimately what has driven these investment decisions and apparently, the loss of Gemini Earn users’ funds. The letter concludes with a paragraph which reads, “There is no path forward as long as Barry Sibert remains CEO of DCG. He has proven himself unfit to run DCG and unwilling and unable to find a resolution with creditors that is both fair and reasonable. As a result, Gemini, acting on behalf of 340,000 earn users, requests that the Board remove Barry Silbert as CEO effective immediately, and install a new CEO, who will right the wrongs that occurred under Barry’s watch.”

While bitcoin that is held in custodians can be frozen and stolen, it is worthy of noting that bitcoin which is properly self-custodied in cold storage cannot be, as alleged in this letter. The users of Gemini Earn introduced third-party risk and unnecessary trust when they kept their funds on that platform, which then brazenly lent out said entrusted funds. Bitcoiners should clarify to those who are unaware the differences between these platforms and their risks and proper self-custodial storage of bitcoin.

In response to the letter, DCG’s Twitter account released an official statement, embedded below.

Continue Reading

Business

Post Office Capture scandal: Sir Alan Bates calls for those responsible for wrongful convictions to be ‘brought to account’

Published

on

By

Post Office Capture scandal: Sir Alan Bates calls for those responsible for wrongful convictions to be 'brought to account'

Sir Alan Bates has called for those responsible for the wrongful convictions of sub postmasters in the Capture IT scandal to be “brought to account”.

It comes after Sky News unearthed a report showing Post Office lawyers knew of faults in the software nearly three decades ago.

The documents, found in a garage by a retired computer expert, describe the Capture system as “an accident waiting to happen”.

Please use Chrome browser for a more accessible video player

Post Office: The lost ‘Capture’ files

Sir Alan said the Sky News investigation showed “yet another failure of government oversight; another failure of the Post Office board to ensure [the] Post Office recruited senior people competent of bringing in IT systems” and management that was “out of touch with what was going on within its organisation”.

The unearthed Capture report was commissioned by the defence team for sub postmistress Patricia Owen and served on the Post Office in 1998 at her trial.

It described the software as “quite capable of producing absurd gibberish” and concluded “reasonable doubt” existed as to “whether any criminal offence” had taken place.

Ms Owen was found guilty of stealing from her branch and given a suspended prison sentence.

She died in 2003 and her family had always believed the computer expert, who was due to give evidence on the report, “never turned up”.

Pat Owen and husband David
Screengrabs from Adele Robinson i/vs with case study. Family of Pat Owen from Kent who was convicted of 1998 from stealing from her post office branch. Now the Capture IT system is suspected of adding errors to the accounts. 
Source P 175500FR POST OFFICE CAPTURE CASES ROBINSON 0600 VT V2 JJ1
Image:
Patricia Owen (right) was convicted in 1998 of stealing from her post office branch. She died in 2003


Adrian Montagu reached out after seeing a Sky News report earlier this year and said he was actually stood down by the defending barrister with “no reason given”.

The barrister said he had no recollection of the case.

Victims and their lawyers hope the newly found “damning” expert report, which may never have been seen by a jury, could help overturn Capture convictions.

Read more: Post Office scandal redress must not only be fair – it must be fast

Please use Chrome browser for a more accessible video player

What is the Capture scandal?

‘These people have to be brought to account’

Sir Alan, the leading campaigner for victims of the Horizon Post Office scandal, said while “no programme is bug free, why [was the] Post Office allowed to transfer the financial risk from these bugs on to a third party ie the sub postmaster, and why did its lawyers continue with prosecutions seemingly knowing of these system bugs?”

He continued: “Whether it was incompetence or corporate malice, these people have to be brought to account for their actions, be it for Capture or Horizon.”

More than 100 victims have come forward

More than 100 victims, including those who were not convicted but who were affected by the faulty software, have so far come forward.

Capture was used in 2,500 branches between 1992 and 1999, just before Horizon was introduced – which saw hundreds wrongfully convicted.

The Criminal Cases Review Commission (CCRC), the body responsible for investigating potential miscarriages of justice, is currently looking at a number of Capture convictions.

A CCRC spokesperson told Sky News: “We have received applications regarding 29 convictions which pre-date Horizon.
25 of these applications are being actively investigated by case review managers, and two more recent applications are in the preparatory stage and will be assigned to case review managers before the end of June.

“We have issued notices under s.17 of the Criminal Appeal Act 1995 to Post Office Ltd requiring them to produce all material relating to the applications received.

“To date, POL have provided some material in relation to 17 of the cases and confirmed that they hold no material in relation to another 5. The CCRC is awaiting a response from POL in relation to 6 cases.”

A spokesperson for the Department for Business and Trade said: “Postmasters negatively affected by Capture endured immeasurable suffering. We continue to listen to those who have been sharing their stories on the Capture system, and have taken their thoughts on board when designing the Capture Redress Scheme.”

Continue Reading

World

Donald Trump weighing up many risks before possible US strike on Iran

Published

on

By

Donald Trump weighing up many risks before possible US strike on Iran

This is the most significant statement from the US president in days, though it still keeps everyone guessing.

In a message conveyed through his press secretary, he is giving diplomacy up to two weeks to work.

“Based on the fact that there’s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks,” Karoline Leavitt quoted him as saying.

It is not clear what “whether or not to go” entails.

Israel-Iran conflict: Latest updates

Please use Chrome browser for a more accessible video player

Trump: Iran ‘weeks away’ from nuclear weapon

We know that he has been given a spectrum of different military options by his generals and we know that the Israelis are pressuring him to use American B2 bombers with their bunker-busting bombs to destroy Iran’s nuclear facility at Fodow.

The Israelis are encouraging no delay. But against that, he is weighing up many risks, both military and political.

More on Donald Trump

Militarily, it is not clear how successful a bunker-busting strike on Fordow would be.

Experts have suggested it would require several of the massive bombs, which have never been used in combat before, to be dropped on the site.

It is not as simple as one clean strike and job done.

Politically, the president is under significant pressure domestically not to get involved in Iran.

Please use Chrome browser for a more accessible video player

MAGA civil war breaks out over Iran

Within his own MAGA coalition – influencers, politicians and media personalities are lining up in criticism of involvement in the conflict.

One of those leading the criticism, his former chief strategist Steve Bannon, who maintains huge influence, was seen entering the White House on Thursday.

His press secretary reiterated to us that the president always wants to give diplomacy a chance and she confirmed that his Middle East envoy Steve Witkoff has spoken to the Iranian foreign minister Abbas Araghchi.

Steve Bannon speaks at a conservative conference in Maryland earlier this month. Pic: AP
Image:
Steve Bannon, seen recently at a conservative event in Maryland, is against US involvement in Iran. Pic: AP

European leaders, including the UK foreign secretary David Lammy, who is in Washington, are meeting Mr Araghchi in Geneva on Friday.

The two-week window – assuming it lasts that long – also gives space to better prepare for any strike and mitigate against some of the other risks of US involvement.

Read more from Sky News:
Is Trump losing his MAGA support?
Gantz defends conflict with Iran
‘Love Trump’ says Israeli minister

There are 40,000 troops in bases across the Middle East. It takes time to increase security at these bases or to move non-essential personnel out. It also takes time to move strategic military assets into the region.

The USS Nimitz aircraft carrier and its support vessels were redeployed from the Indo-Pacific on Monday. Their last known position was the Strait of Malacca two days ago.

The Nimitz Carrier Group will overlap with the USS Carl Vinson group which was deployed to the Middle East in March.

The potential two-week window also allows for more time for a ‘day after’ plan, given that the Israeli strategy appears to be regime change from within.

Since the Israeli action in Iran began last week, the worst-case scenario of mass casualties in Israel from Iranian attacks has not materialised.

The president is said to be surprised and encouraged by this. “Israel has exceeded a lot of people’s expectations in their abilities,” press secretary Karoline Leavitt said.

The Israeli success, the absence of a mass casualty event in Israel, and the lack of any sustained counterattack by Iranian proxies in the region remove reservations that previous presidents have had about taking on Iran.

That said, sources have told Sky News that the president is determined that the diplomatic solution should be given a chance despite current pessimism over the chances of success.

A critical two weeks ahead.

Continue Reading

World

Regime change in Iran is ‘unacceptable’, says the Kremlin

Published

on

By

Regime change in Iran is 'unacceptable', says the Kremlin

Regime change in Iran is “unacceptable” and the assassination of the country’s supreme leader would “open the Pandora’s box”, the Kremlin has said.

In a rare interview with a foreign media organisation, Kremlin spokesman Dmitry Peskov told Sky News that Russia would react “very negatively” if Ayatollah Ali Khamenei was killed.

The comments came as US President Donald Trump said he will decide within two weeks whether America will join Israel’s military campaign against Tehran, after earlier speculating on social media about killing the Iranian leader.

Dmitry Peskov
Image:
Dmitry Peskov speaks to Sky News

“The situation is extremely tense and is dangerous not only for the region but globally,” Mr Peskov said in an interview at the Constantine Palace in Saint Petersburg.

“An enlargement of the composition of the participants of the conflict is potentially even more dangerous.

“It will lead only to another circle of confrontation and escalation of tension in the region.”

Supreme Leader Ayatollah Ali Khamenei and Russian President Vladimir Putin meeting in Tehran, Iran, Tuesday, July 19, 2022. AP
Image:
Putin and Khamenei meeting in Tehran in 2022. Pic: AP

They are the Kremlin’s strongest comments yet regarding the Israel-Iran conflict, which has stoked fears in Moscow that it could be on the verge of losing its closest ally in the Middle East.

More on Russia

Russia has deepened its ties with Iran since invading Ukraine, and the two countries signed a strategic partnership in January.

“[Regime change in Iran] is unimaginable. It should be unacceptable, even talking about that should be unacceptable for everyone,” Mr Peskov said, in a thinly veiled reference to Washington.

Please use Chrome browser for a more accessible video player

How will Russia react to US joining Israel?

But Mr Peskov refused to be drawn on what action Russia would take if Khamenei was killed, saying instead it would trigger action “from inside Iran”.

“It would lead to the birth of extremist moods inside Iran and those who are speaking about [killing Khamenei], they should keep it in mind. They will open the Pandora’s box.”

Vladimir Putin’s offers to mediate an end to the conflict have so far been rejected by Mr Trump, who said on Wednesday that he told the Russian president to “mediate your own [conflict]”, in reference to Russia’s war against Ukraine.

Mr Peskov denied the American president’s words were insulting, adding: “Everyone has a different language.

“President Trump has his own unique way of speaking and his unique language. We are quite tolerant and expect everyone to be tolerant of us.”

President Donald Trump meets with members of the Juventus soccer club in the Oval Office of the White House, Wednesday, June 18, 2025, in Washington. (AP Photo/Alex Brandon)
Image:
Trump’s attempts to broker peace between Ukraine and Russia have so far not been fruitful. Pic: AP

Follow The World
Follow The World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

The Trump administration’s own mediation efforts to end the war in Ukraine have failed to yield any major breakthroughs, despite two rounds of direct talks between Moscow and Kyiv.

Moscow has stepped up its aerial bombardment of Ukraine in recent weeks and continues to reject Volodymyr Zelenskyy’s calls for a 30-day ceasefire.

“Now we have a strategic advantage. Why should we lose it? We are not going to lose it. We are going further. We’re advancing and we’ll continue to advance,” Mr Peskov said.

👉 Follow Trump100 on your podcast app 👈

Russia has previously said it would only commit to a ceasefire if Kyiv stops receiving foreign military support, fearing that a pause in the fighting would offer Ukraine a chance to rearm and regroup its forces.

Read more:
Western brands on Russian shelves despite sanctions
Bodies of Ukrainian soldiers returned to Kyiv

Please use Chrome browser for a more accessible video player

Russia ‘relentlessly terrorises’ Kyiv, says Zelenskyy

Asked if Moscow could commit to not using a ceasefire in the same way, Mr Peskov said: “A ceasefire is a ceasefire, and you stop.

“But America is not saying that ‘we’ll quit any supplies’. Britain is not saying that as well. France is not saying that as well. This is the problem.”

Continue Reading

Trending