There's definitely a hint of true to Gio's story. As the_enemy said, this isn't the first time we see thing happening. But, yeah, I definitely think Gio might be framing things in order to tarnish Hussie's or Homestuck's image or whatever. I remember the account he published of the story behind Hiveswap's development was also contested at the time, which shows the possibility that Gio might be unreliable in his accounts.

Much like with Hiveswap, though, I think this story might just end up inconclusive as I'm not sure how much the people working for Homestuck can really tell everything to the public. And I'm sure not all of it would benefit them, anyways. Personally, I'd hope for some more clarification on what exactly Hussie has been doing behind the scenes.