Silbert is the founder of Digital Currency Group (DCG), a crypto conglomerate that includes the Grayscale Bitcoin Trust and trading platform Genesis.
Winklevoss, along with his brother Tyler, co-founded Gemini, a popular crypto exchange that, unlike many of its peers, is subject to New York banking regulation.
Winklevoss and Silbert were linked through an offering called Earn, a nearly two-year-old product from Gemini that promoted returns of up to 8% on customer deposits.
With Earn, Gemini loaned client money to Genesis for placement across various crypto trading desks and borrowers.
Silbert has avoided responding directly to Winklevoss' latest accusation, though the company has taken up his defense.