Garry Silbert, founder and CEO of Digital Currency Group (DCG), recently shared his thoughts on early Bitcoin acquisition challenges and current hurdles with the TAO token.
Early Bitcoin Challenges
In his Twitter post, Silbert compared his early Bitcoin acquisition challenges to current struggles with the TAO token. He noted that a Coinbase listing could be a 'game changer' for market exposure and liquidity of the token.
Federal Investigation into Financial Dealings
Meanwhile, the excitement around TAO is not the only reason Silbert is making headlines. U.S. authorities have begun investigating a conflict between Silbert and Cameron Winklevoss, co-founder of Gemini Trust Co. Winklevoss has accused Silbert and DCG of fraudulent practices related to financial dealings between DCG and its now-bankrupt subsidiary Genesis Global Capital.
Genesis Collapse
Genesis, a subsidiary of DCG, once partnered with Gemini on a program called 'Gemini Earn,' which allowed users to earn up to 8% interest on their digital assets. However, the collapse of the crypto hedge fund Three Arrows Capital (3AC) in mid-2022 left Genesis with a massive financial deficit. The situation worsened after the downfall of FTX later that year. By late 2022, Genesis froze withdrawals and filed for bankruptcy in January 2023. The SEC charged both Genesis and Gemini for selling unregistered securities.
Despite legal challenges, Barry Silbert remains optimistic about TAO's future, looking for growth opportunities while dealing with past issues.
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