Cameron Winklevoss, the co-founder of the Gemini cryptocurrency exchange, has announced plans to take legal action against Barry Silbert, CEO of Digital Currency Group (DCG), media reports said.
The news comes amid allegations that Silbert used inside information to buy up a large stake in the Ethereum Classic (ETC) cryptocurrency. Winklevoss has alleged that Silbert was aware of the looming Coinbase listing announcement before the market, which gave him an unfair advantage over other investors.
In a statement released by Winklevoss, he stated that he wanted to take legal action to ensure that the industry remains transparent and fair to all investors.
“I am determined to ensure that those who manipulate the markets are held accountable and that the industry remains transparent and fair to all investors,” Winklevoss said.
He went on to accuse Silbert of using his position of power and influence to manipulate the market and capitalize on the impending Coinbase listing announcement.
“Unfortunately, Barry Silbert and DCG chose to use their position of power and influence to manipulate the market for their benefit and to the detriment of the broader cryptocurrency community,” Winklevoss said.
The news of Winklevoss’s plans to take legal action against Silbert has been met with a mix of reactions from the crypto community. While some have praised Winklevoss for his commitment to ensuring a fair and transparent market, others have questioned whether legal action is the appropriate course of action.
Regardless, Winklevoss is determined to take legal action against Silbert and DCG. He has vowed to use all necessary resources to ensure that those who manipulate the markets are held accountable.
