(Bloomberg) -- Gemini Trust Co. Chief Operating Officer Noah Perlman has left the cryptocurrency firm founded by Tyler and Cameron Winklevoss as it seeks to navigate the recent turmoil in digital-asset markets, according to a person familiar with the matter.
Perlman joined Gemini in 2019 as chief compliance officer. Prior to that, he worked at Morgan Stanley. Perlman’s LinkedIn profile says he was in the COO role until January 2023. He declined to comment. Gemini officials didn’t return multiple requests for comment.
Gemini, founded by the Winklevoss twins in 2014, is being hung up by a November pause in redemptions by Genesis that impacted a lending product known as Earn, which offered investors the potential to generate as much as 8% in interest on their digital coins. It did so by lending them out to Genesis Global Capital, one of the companies owned by Barry Silbert’s Digital Currency Group.
Earlier this week, Cameron Winklevoss accused Silbert of “bad faith stall tactics” and the intermingling of funds within his conglomerate that Winklevoss says have left $900 million in customer assets needlessly in limbo since the meltdown of the now-bankrupt FTX exchange. Silbert has disputed the allegations.
More than 340,000 users have $900 million stuck in Gemini Earn, Cameron Winklevoss wrote in an open letter to Genesis and its owner, asking for Earn users’ funds back.
Winklevoss gave until Jan. 8 to resolve the matter. Late last year, Genesis told clients it may need to file for bankruptcy if its fundraising efforts to fill a hole left by FTX exposure fail. In an update published recently, the company said it believes it can arrive at a solution.
©2023 Bloomberg L.P.
Advertisement