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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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Entertainment

Scottish artist Nnena Kalu wins Turner Prize 2025 for hanging Barcelona sculptures and Liverpool exhibition

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Scottish artist Nnena Kalu wins Turner Prize 2025 for hanging Barcelona sculptures and Liverpool exhibition

Scottish artist Nnena Kalu has won the 2025 Turner Prize with two exhibitions, including a series of brightly coloured sculptures.

The Glaswegian, 59, took home the visual arts prize along with £25,000 at an award ceremony on Tuesday in Bradford, this year’s UK City of Culture.

As reported by The Guardian, she is the first artist with a learning disability to win the award.

Nnena Kalu, from Glasgow, is the winner of this year's Turner Prize. Pic: Nnena Kalu/ActionSpace/PA
Image:
Nnena Kalu, from Glasgow, is the winner of this year’s Turner Prize. Pic: Nnena Kalu/ActionSpace/PA

Along with Hanging Sculpture 1-10, which European art exhibitors Manifesta commissioned her to create at a disused power station in Barcelona, Ms Kalu won for her presentation in Conversations, a group exhibition at Walker Art Gallery in Liverpool.

For the sculpture series, the artist created the vividly-coloured works from repeated lines and wrappings of different materials, making nest or cocoon-like forms.

Hanging Sculpture 1 - 10 by Nnena Kalu. Pic: PA
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Hanging Sculpture 1 – 10 by Nnena Kalu. Pic: PA

The installation consisted of 10 large brightly-coloured sculptures that hung from grey concrete pillars of the industrial site.

Meanwhile, for Conversations, Kalu presented work in pen, graphite and chalk pen on two pieces of paper.

More on Turner Prize

Conversations by Nnena Kalu. Pic: PA
Image:
Conversations by Nnena Kalu. Pic: PA

The jury, which was chaired by Alex Farquharson, the director of Tate Britain, commended Kalu’s “bold and compelling work” and praised the “lively translation of expressive gesture” in the abstract sculpture and drawing.

The panel also acknowledged her scale, composition and colour, highlighting “the powerful presence” her works have.

Nnena Kalu's nominated Turner Prize works. Pic: PA
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Nnena Kalu’s nominated Turner Prize works. Pic: PA

Kalu is also a resident artist at ActionSpace’s studio, which supports learning disabled artists across London at Studio Voltaire, and beat out fellow shortlisted artists Rene Matic, Mohammed Sami and Zadie Xa.

The works by the four artists are currently available to see at a free exhibition at Bradford’s Cartwright Hall Art Gallery until 22 February.

Jonathan Orrell views work by Nnena Kalu for the Turner Prize. Pic: PA
Image:
Jonathan Orrell views work by Nnena Kalu for the Turner Prize. Pic: PA

Named after British painter JMW Turner, this year’s prize marked the 250th anniversary of his birth.

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Previous winners include artist Damien Hirst in 1995 and filmmaker Sir Steve McQueen in 1999, while last year’s winner, Jasleen Kaur, picked up the prize for Alter Altar – which covered a red sports car with a giant ornamental doily mat.

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Environment

Is a $10,000 discount enough to overcome your VW ID.Buzz sticker shock?

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Is a ,000 discount enough to overcome your VW ID.Buzz sticker shock?

VW’s retro-tastic minivan hasn’t been the sales success the company might have wanted, and a lot of that has to do with the van’s sky high price tag. Now, VW is asking: will a $10,000 discount be enough to create some buzz for the ID.Buzz?

Volkswagen is offering $7,500 in Retail Customer Bonus cash this month – up from the $2,500 the company offered its Black Friday customers – that, along with an additional $2,500 unadvertised dealer cash incentive that CarsDirect is reporting absolutely, definitely exists, adds up to a stout $10,000 total discount on the all-electric VW ID.Buzz … and that’s before you start haggling with your dealer over the MSRP.

It’s a lot


VW ID. Buzz trims
Photo: Volkswagen of America.

As much as I like the the Volkswagen ID.Buzz, its starting MSRP around $61,545 (incl. destination) puts it at nearly twice what you’d probably expect a minivan to cost if the last time you shopped for one was at a Dodge store. Still, that hefty price tag is some $20,000 higher than the baseline Toyota Sienna hybrid or Honda Odyssey.

That 50% higher price is a lot to swallow even if you do buy into the nostalgia. Still, the ID.Buzz is capable enough, and with ~230 miles of range and 282 hp on offer from its battery/electric motor combo – plus Supercharger access – it’s at least able to keep up with the minivan competition.

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So, while that $10,000 discount isn’t going to turn the ID.Buzz into the second coming of the affordable, family-hauling Caravan, it does bring VW’s electric people-mover a little closer to earth. In fact, with a $50K price tag, it’s right in line with the average transaction price of a new vehicles. So, if nothing else, that reduced price could finally gives electric minivan buyers something to buzz about (I tried so hard to work that in, you guys).

If you’ve been shopping for a family-hauler and dig the retro vibe over something like the (excellent) Kia EV9, click through the link below and set up a test drive at your local VW dealer.

SOURCE: CarsDirect; images via VW.


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Sports

White Sox win draft lottery, will pick 1st in 2026

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White Sox win draft lottery, will pick 1st in 2026

The Chicago White Sox won the 2026 MLB draft lottery Tuesday and will pick first in next summer’s draft.

The White Sox had the best odds to get the top pick at 27.73% after finishing 60-102 in the 2025 season. They will have the top selection for the first time since taking Harold Baines in 1977.

Tuesday’s draft lottery determined the first six spots of the first round, with the remaining picks being set in inverse order of the teams’ regular-season records.

The Tampa Bay Rays will select at No. 2, and the No. 3 pick went to the Minnesota Twins, who had the second-best odds to win the lottery at 22.18%. Rounding out the six lottery picks were the San Francisco Giants, Pittsburgh Pirates and Kansas City Royals.

The league-worst Colorado Rockies(43-119) were not eligible for this year’s lottery because a team cannot receive a lottery pick in three consecutive years. They will pick 10th in the draft.

The Washington Nationals and Los Angeles Angels also were not eligible because they are “payor clubs” — or teams that give rather than receive revenue-sharing dollars — and cannot receive a lottery pick in consecutive years. The Nationals landed the 11th pick, while the Angels will pick 12th.

MLB and the players’ association established the lottery in the March 2022 collective bargaining agreement. The union pushed for the innovation to encourage teams to compete for wins rather than trade off players at the deadline in an attempt to get a higher draft choice.

The 2026 draft will take place July 11-12 in Philadelphia as part of MLB’s All-Star Week festivities.

The Nationals won the lottery last year and selected high school shortstop Eli Willits with the No. 1 pick.

The Associated Press contributed to this report.

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