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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.

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Sports

First impressions from the Athletics’ new home opener

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First impressions from the Athletics' new home opener

A local television news crew was stationed outside the Sawyer Hotel in downtown Sacramento on Sunday night, ready to catch every nuance of the magical moment the bleary-eyed Chicago Cubs stepped off their bus to enter the lobby. This was the first time a major league baseball team had arrived in Sacramento to play a legally sanctioned regular-season game, and no story was too small. If you ever wondered what Ian Happ looks like walking toward a hotel and being surprised by the presence of a camera and a reporter, CBS-13 was the channel for you.

“That was different,” Cubs pitcher Matthew Boyd said. “But it’s the first time a big league team has come to Sacramento, and they’re excited. Baseball’s that cool thing that brings everyone together.”

It was quite a week for Sacramento — more specifically, West Sacramento, the place with the street signs declaring it “The Baseball Side of the River.” It got to host the first three games of the Athletics’ expected three-season interregnum between Oakland and Las Vegas, and it got to call a big league team its own, even if the team has decided to declare itself simply the Athletics, a geographically nonspecific generic version of a Major League Baseball team.

It’s tough to explain the vibe at Sutter Health Park for the first series. It looked like big league baseball and sounded like big league baseball; it just didn’t feel like big league baseball. The crowds were mostly sedate, maybe because there’s room for only about 14,000 fans, and maybe because the Athletics were outscored 35-9 over the course of the three games, the first and third of which could have been stopped for humanitarian reasons.

This is a team that is supposed to be better this season, and three games shouldn’t change that expectation. It spent some money nobody knew it had on a free agent contract for Luis Severino and extensions for Brent Rooker and Lawrence Butler, moves that assured a payroll high enough to abide by the revenue-sharing rules of the collective bargaining agreement, but moves that improved the team nonetheless. (You’ve got to spend money to make money is an adage that, for the first time, appealed to owner John Fisher.) The A’s have a universally respected manager in Mark Kotsay, several promising young players from recent drafts and the confidence that came from playing really good baseball over last season’s second half. There is a creeping suspicion that they could be building something that could make West Sacramento proud.

It’s a long, maybe even interminable season that will contain every iteration of peak and valley. Three games can end up being the equivalent of one breath over the course of a lifetime. But still, it’s impossible to deny the Athletics brought back a lot of their old classics for their Sacramento debut: They walked 10 batters in Monday night’s home opener; they kicked the ball around enough for four unearned runs in three games; they walked seven more Wednesday afternoon. The crowds were mostly quiet; the numerous Cubs fans were noisy until it felt mean, but the A’s fans, when they found something cheer-worthy, reacted as if they were cheering for someone else’s kid at a piano recital. As first impressions go, it could have been better.

The A’s players, in their defense, are going through an adjustment period. When I asked closer Mason Miller how he likes Sacramento, he starts counting on his fingers and says, “I’ve literally spent five nights here.” They’re young, wealthy and accustomed to living in a new place every season as they progress through the minor leagues, and they’re trying to view their new home as an opportunity to bond over experiencing something together for the first time.

“We’re all new here,” rookie second baseman Max Muncy says, “so even though I’m a rookie, I can earn some cred if I find a good restaurant and let everyone know.” I mention the toughest reservation in town, a Michelin-starred, fixed-price restaurant less than 2 miles away.

“That sounds like a two-month wait,” he says.

“Not if you tell them who you are,” I joke.

“Yeah, I can’t imagine doing that,” he says. “Besides, if I say, ‘Max Muncy,’ when I show up they’ll say, ‘Oh great, we got this one.'”

The A’s bigger concern is playing the next three seasons in a minor league ballpark and sharing it with a minor league team, the Triple-A Sacramento River Cats. It’s kind of like a senior rooming with a freshman; the senior has dibs on just about everything, but he still has to deal with the roommate. For the A’s, that means wondering how the field will hold up over the course of the 155 games it’ll wear this season, and figuring out how to cope with having a clubhouse beyond the outfield wall, disconnected from the dugout.

Severino made his first home start for the A’s on Tuesday night, and he had to tweak his routine to account for the new reality: Once he left the clubhouse, there was no going back. It was cold and windy, so he had to make sure his jacket made it to the dugout with him. The notes he likes to reference during the game had to be there, too. His usual practice of popping into the clubhouse to watch the game on television while his team hits (“It looks easier and more fun on TV,” he says with a laugh) is on hold for home starts for the foreseeable future. He had to sit there with his teammates whether he pitched well or not — on Tuesday: not — and know that every one of his emotions would be picked up by at least five cameras.

“You just have to stick it out,” Severino says. “You can’t have all the stuff you have in a normal stadium. When you go out there, you have to bring everything with you. You have to try to stay warm and find out a different routine. It’s not the same, but the thing is, it doesn’t matter because it’s happening, and we need to get used to it. Just treat it like spring training, because it feels like spring training.”

Players coming off the bench to pinch-hit or play defense have nowhere to get loose. In any other park, they’d jump into the cage behind the dugout and take some swings or stretch out and run a few sprints. Here, they have to do whatever they can do within the confines of the dugout. “Just do some arm circles and maybe run in place,” Cubs infielder Jon Berti says. “Make it old-school.”

Just one of the three games sold out, an unexpected development after months of civic backslapping and grand proclamations about Sacramento cementing its status as a major league city. Tickets for Wednesday’s game, which drew 9,342 fans, were selling on the secondary market for $20 about 30 minutes before first pitch. The A’s have the highest median ticket prices — $181 — in baseball, according to data compiled by the ticket app Gametime. The idea was to employ the time-honored scarcity=demand concept to seize maximum profits from minimal opportunities, but one sellout — the opener, which also included roughly 2,000 comped tickets — in the first three games shows the A’s remain capable of straining even the most fundamental economic concepts.

It’s probably not fair to judge Sacramento’s worth as a baseball town based on its willingness to support a team that won’t be identified by the city’s name during its time here. And it’s definitely not fair to judge a region based on the number of fans eager to hand money to an owner who pulled the team out of Oakland after 57 years and is on his way to Las Vegas.

In the days after Kings/River Cats owner Vivek Ranadive joined with Fisher to bring the A’s to Sacramento, someone identified to me as “as Sacramento as it gets” sent a text that illustrates the conflict that lives within the Sacramento sports fan:

So many thoughts as I’ve been following this:

1) I hate it in that we are just bailing out Fisher

2) I hate that we are basically acting as Seattle a decade ago with regards to the Kings and poached the A’s away from Oakland. That’s an awful feeling I wish on no one

3) I am interested to see if this actually goes anywhere other than just bailing out Fisher for 3 years while he waits out whatever magic is gonna happen in LV

4) Reeeeeally wish Vivek read the room on this one

5) We could buy $30 lawn seats and catch a ball from Mike Trout or even better, [Austin] Slater, on a Wednesday night in Sac. That would be wild

The A’s are quick to point out that there weren’t many crowds of 10,000 on Tuesday nights in Oakland. (There was just one last year, during the final homestand of the season.) Still, Sacramento is a city attempting to use this three- to four-year run to audition for its own big league team. And if the A’s can’t sell out a minor league stadium in an area with established fans of the team, what does that foretell for their eventual move to Las Vegas, where the team is forecasting sellout crowds, including nearly 5,000 tourists per game — in a 33,000-seat stadium in an area with no connection to the A’s?

But that’s someone else’s problem, some other day. Three trips this week to Sutter Health — Sunday for the River Cats, Monday and Wednesday for the A’s — was a chance to watch big league baseball in a quaint, intimate ballpark. I thought it might be like venturing back in time, maybe what it felt like to watch a Philadelphia A’s game in 1907 at Columbia Park if Columbia Park had a state-of-the-art video screen that looks like an 86-inch television hanging from the wall of a studio apartment. This would be baseball back when games were just games and big league ballparks didn’t feel obligated to stock luxury suites with $300 cabernet and fist-sized prawns. Back to when every concession stand sold pretty much the same thing (at Sutter Health, each vendor has a set menu and one or two “specialty” items, like the pizza at Pizza & Pints) and fans could bring a chair or sit on the grass out in right field and dream of Mike Trout or Austin Slater.

Its charms are undeniable, but sustainable? The workers in the ballpark are all genial and helpful, thrilled with having major league baseball in their humble yard, but maybe we should check back in August. At the River Cats’ game Sunday, I spoke with an employee working in the team store who laid out the process of turning it from a River Cats’ store to an Athletics’ store over the course of roughly 24 hours. Starting at 5 p.m. Sunday, three overlapping shifts worked through the night and well into Monday, folding and packing and hauling out all the minor league gear, storing it somewhere she isn’t privy to, while hauling in all the big league gear, unpacking it, unfolding it and displaying it nicely enough that someone might feel compelled to forfeit $134.99 for an authentic JJ Bleday jersey.

As she detailed the process, and the time constraints, knowing this River Cats-to-A’s and vice versa conga will take place roughly every 10 days to two weeks over the next six months, I was beginning to feel stressed just looking at every cap, sock, T-shirt, bobblehead, Dinger the mascot doll and performance men’s half-zip pullover sweatshirt that awaited their attention.

“Will it get done?” I asked her.

She laughed.

“I guess it has to,” she said, “but I’m off tomorrow.”

And poof, just as there was no sign of the A’s on Sunday, there was no sign of the River Cats on Monday. Everything brick red and gold was replaced by something kelly green and gold. Even the sign proclaiming Sacramento’s Triple-A championships was replaced by one proclaiming the A’s nine World Series wins, five in Philadelphia and four in Oakland. But, like everything else involving the 2025 Athletics, there is no geographic designation. As the A’s know better than most, you are where you are until you’re where you want to be.

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World

Stock markets suffer sharp drops after Donald Trump announces sweeping tariffs

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Stock markets suffer sharp drops after Donald Trump announces sweeping tariffs

Stock markets around the world fell on Thursday after Donald Trump announced sweeping tariffs – with some economists now fearing a recession.

The US president announced tariffs for almost every country – including 10% rates on imports from the UK – on Wednesday evening, sending financial markets reeling.

While the UK’s FTSE 100 closed down 1.55% and the continent’s STOXX Europe 600 index was down 2.67% as of 5.30pm, it was American traders who were hit the most.

Trump tariffs latest: US stock markets tumble

All three of the US’s major markets opened to sharp losses on Thursday morning.

A person works on the floor at the New York Stock Exchange in New York, Monday, March 31, 2025. Pic: AP
Image:
The S&P 500 is set for its worst day of trading since the COVID-19 pandemic. File pic: AP

By 8.30pm UK time (3.30pm EST), The Dow Jones Industrial Average was down 3.7%, the S&P 500 opened with a drop of 4.4%, and the Nasdaq composite was down 5.6%.

Compared to their values when Donald Trump was inaugurated, the three markets were down around 5.6%, 8.7% and 14.4%, respectively, according to LSEG.

More on Donald Trump

Worst one-day losses since COVID

As Wall Street trading ended at 9pm in the UK, two indexes had suffered their worst one-day losses since the COVID-19 pandemic.

The S&P 500 fell 4.85%, the Nasdaq dropped 6%, and the Dow Jones fell 4%.

It marks Nasdaq’s biggest daily percentage drop since March 2020 at the start of COVID, and the largest drop for the Dow Jones since June 2020.

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The latest numbers on tariffs

‘Trust in President Trump’

White House press secretary Karoline Leavitt told CNN earlier in the day that Mr Trump was “doubling down on his proven economic formula from his first term”.

“To anyone on Wall Street this morning, I would say trust in President Trump,” she told the broadcaster, adding: “This is indeed a national emergency… and it’s about time we have a president who actually does something about it.”

Later, the US president told reporters as he left the White House that “I think it’s going very well,” adding: “The markets are going to boom, the stock is going to boom, the country is going to boom.”

He later said on Air Force One that the UK is “happy” with its tariff – the lowest possible levy of 10% – and added he would be open to negotiations if other countries “offer something phenomenal”.

Please use Chrome browser for a more accessible video player

How is the world reacting to Trump’s tariffs?

Economist warns of ‘spiral of doom’

The turbulence in the markets from Mr Trump’s tariffs “just left everybody in shock”, Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, told Reuters.

He added that the economy could go into recession as a result, saying that “a lot of the pain, will probably most acutely be felt in the US and that certainly would weigh on broader global growth as well”.

Meanwhile, chief investment officer at St James’s Place Justin Onuekwusi said that international retaliation is likely, even as “it’s clear countries will think about how to retaliate in a politically astute way”.

He warned: “Significant retaliation could lead to a tariff ‘spiral of doom’ that could be the growth shock that drags us into recession.”

Read more:
Do Trump’s ‘Liberation Day’ tariff numbers add up?

Tariffs about something more than economics: power

It comes as the UK government published a long list of US products that could be subject to reciprocal tariffs – including golf clubs and golf balls.

Running to more than 400 pages, the list is part of a four-week-long consultation with British businesses and suggests whiskey, jeans, livestock, and chemical components.

Meanwhile, Prime Minister Sir Keir Starmer said on Thursday that the US president had launched a “new era” for global trade and that the UK will respond with “cool and calm heads”.

It also comes as Canadian Prime Minister Mark Carney announced a 25% tariff on all American-imported vehicles that are not compliant with the US-Mexico-Canada trade deal.

He added: “The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy.”

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US

Stock markets suffer sharp drops after Donald Trump announces sweeping tariffs

Published

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By

Stock markets suffer sharp drops after Donald Trump announces sweeping tariffs

Stock markets around the world fell on Thursday after Donald Trump announced sweeping tariffs – with some economists now fearing a recession.

The US president announced tariffs for almost every country – including 10% rates on imports from the UK – on Wednesday evening, sending financial markets reeling.

While the UK’s FTSE 100 closed down 1.55% and the continent’s STOXX Europe 600 index was down 2.67% as of 5.30pm, it was American traders who were hit the most.

Trump tariffs latest: US stock markets tumble

All three of the US’s major markets opened to sharp losses on Thursday morning.

A person works on the floor at the New York Stock Exchange in New York, Monday, March 31, 2025. Pic: AP
Image:
The S&P 500 is set for its worst day of trading since the COVID-19 pandemic. File pic: AP

By 8.30pm UK time (3.30pm EST), The Dow Jones Industrial Average was down 3.7%, the S&P 500 opened with a drop of 4.4%, and the Nasdaq composite was down 5.6%.

Compared to their values when Donald Trump was inaugurated, the three markets were down around 5.6%, 8.7% and 14.4%, respectively, according to LSEG.

More on Donald Trump

Worst one-day losses since COVID

As Wall Street trading ended at 9pm in the UK, two indexes had suffered their worst one-day losses since the COVID-19 pandemic.

The S&P 500 fell 4.85%, the Nasdaq dropped 6%, and the Dow Jones fell 4%.

It marks Nasdaq’s biggest daily percentage drop since March 2020 at the start of COVID, and the largest drop for the Dow Jones since June 2020.

Please use Chrome browser for a more accessible video player

The latest numbers on tariffs

‘Trust in President Trump’

White House press secretary Karoline Leavitt told CNN earlier in the day that Mr Trump was “doubling down on his proven economic formula from his first term”.

“To anyone on Wall Street this morning, I would say trust in President Trump,” she told the broadcaster, adding: “This is indeed a national emergency… and it’s about time we have a president who actually does something about it.”

Later, the US president told reporters as he left the White House that “I think it’s going very well,” adding: “The markets are going to boom, the stock is going to boom, the country is going to boom.”

He later said on Air Force One that the UK is “happy” with its tariff – the lowest possible levy of 10% – and added he would be open to negotiations if other countries “offer something phenomenal”.

Please use Chrome browser for a more accessible video player

How is the world reacting to Trump’s tariffs?

Economist warns of ‘spiral of doom’

The turbulence in the markets from Mr Trump’s tariffs “just left everybody in shock”, Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, told Reuters.

He added that the economy could go into recession as a result, saying that “a lot of the pain, will probably most acutely be felt in the US and that certainly would weigh on broader global growth as well”.

Meanwhile, chief investment officer at St James’s Place Justin Onuekwusi said that international retaliation is likely, even as “it’s clear countries will think about how to retaliate in a politically astute way”.

He warned: “Significant retaliation could lead to a tariff ‘spiral of doom’ that could be the growth shock that drags us into recession.”

Read more:
Do Trump’s ‘Liberation Day’ tariff numbers add up?

Tariffs about something more than economics: power

It comes as the UK government published a long list of US products that could be subject to reciprocal tariffs – including golf clubs and golf balls.

Running to more than 400 pages, the list is part of a four-week-long consultation with British businesses and suggests whiskey, jeans, livestock, and chemical components.

Meanwhile, Prime Minister Sir Keir Starmer said on Thursday that the US president had launched a “new era” for global trade and that the UK will respond with “cool and calm heads”.

It also comes as Canadian Prime Minister Mark Carney announced a 25% tariff on all American-imported vehicles that are not compliant with the US-Mexico-Canada trade deal.

He added: “The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy.”

Continue Reading

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