Bitcoin Magazine CEO: DCG founder illegally manipulated GBTC price
ChainCatcher news, Bitcoin Magazine CEO David Bailey posted on the X platform accusing Barry Silbert, founder and CEO of DCG, the parent company of Grayscale, of criminal behavior.
Bailey claims that Silbert borrowed customer deposits to manipulate and support the price of GBTC, using it as collateral. He knowingly borrowed Bitcoin from Genesis users while his company was already insolvent, which is a criminal act.
Bailey also claims that Silbert spent up to $500 million in 2022 to "maintain the price of GBTC," particularly during the collapse of Terra/Luna under Do Kwon. It is alleged that Silbert spent $300 million borrowed from Genesis, which was a loan taken out during the collapse of Terra/Luna in mid-May 2022.
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