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Gemini’s Winklevoss Alleges DCG, Genesis Defrauded His Exchange And 340,000 Users
By BtcCasey

The Co-Founder and President of Gemini cryptocurrency exchange, Cameron Winklevoss, has released a public letter alleging that Digital Currency Group (DCG), Genesis and DCG's CEO Barry Silbert defrauded Gemini and 340,000 Gemini Earn users. 

The letter claims that Gemini Earn's lending partner, Genesis, facilitated risky loans with Three Arrows Capital with the goal of preserving and pumping the price of Grayscale's GBTC product. 

This led to major risk for Genesis, who, after 3AC's collapse, allegedly tried to fraudulently fill a $1.2 billion hole created by the collapse. Instead of providing instantly available liquidity, they instead, according to the letter, provided a 10 year promissory note, which was incapable of fulfilling the withdrawal requests of Gemini Earn users. 

The entire debacle is another example of what can happen when you trust custodians with your bitcoin. Only through secure self-custody of one's own keys can you avoid these third-party risks created by risky exchange owners. 

🇨🇦 Hut 8

Hut 8’s Ontario Bitcoin Mining Operation Halted Amidst Power Disputes
By BtcCasey

Hut 8's bitcoin mining operation in North Bay, Ontario has been suspended due to a dispute with their energy provider, Validus Power.

The company has issued a notice of default to Validus for not meeting operational milestones. Meanwhile, Validus has also demanded payments for energy that it claims Hut 8 owes them, although the mining company denies that these payments are owed, claiming they do not follow previous agreements.

According to Hut 8, the firm is exploring alternatives to mitigate the impact of the dispute and it fully intends to resolve the issues and restart operations as soon as possible.

📰 The Daily Bits

🏠 Homesteader Conversations

Homesteader Conversations: Feeding Your Family And Building A Bitcoin Community In Southern Portugal
By Captain Sidd

Julia, a homesteader in Portugal, shares her experiences of running a farm, feeding her family and supporting a Bitcoin community through workshops.

Julia moved to Portugal in her late teens and has since built a strong local community and economy. She started to understand Bitcoin in 2020 and has since seen a growth in Bitcoiners in the area.

Julia sees parallels between homesteading and Bitcoin in terms of the ups and downs of participating in these movements, and the down-to-earth nature of the people involved.

Previously, Captain Sidd explored the simliarities between the two with a different homesteader, Karl, who shared how he sees common values between the two ideas that could make it easier for homesteaders to understand Bitcoin. 

MEME OF THE DAY 

By @TheBitcoinConf

BTC Inc. Is Hiring!