![](\"http:\/\/bitcoinmagazine.com\/.image\/c_limit%2Ccs_srgb%2Ch_1200%2Cq_auto:good%2Cw_1200\/MTkyODY4MzAyMTgyMTY0MTc2\/legal-justice.png\")
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The Co-Founder of Gemini, Cameron Winklevoss, has released<\/a> 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.\u00a0<\/p>\n The letter alleges that after Genesis Global Capital LLC, Genesis Trading\u2019s $2.8 billion crypto lending arm, realized losses of at least $1.2 billion in the wake of cryptocurrency hedge fund Three Arrows Capital\u2019s collapse<\/a>, 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. <\/p>\n Instead of doing this, however, the firm allegedly marked a 10-year promissory note down as a current asset, which normally \u201crefers to cash, cash equivalents, or other assets that can be exchanged into cash within one year,\u201d according to the letter. However, Winklevoss writes that, \u201cA promissory note with a principal repayment due in 10 years falls outside the definition of a \u2018current asset\u2019 by a country mile.\u201d <\/p>\n