In a watershed twist, Cameron Winklevoss, one of the co-founders of cryptocurrency exchange Gemini, has made a final offer to Digital Currency Group (DCG) CEO Barry Silvert to resolve a high-profile financial dispute over its Genesis subsidiary. The latter has 2 days to respond favorably, under penalty of being prosecuted by Gemini.
Cameron Winklevoss makes final offer to DCG
The case between Digital Currency Group (DCG) and Gemini should soon take a new turn. Cameron Winklevoss, one of the co-founders of the cryptocurrency exchangepublished a “final offer” to DCG CEO Barry Silvert to convince him to pay $1.5 billion. Otherwise, legal action will be taken by Gemini.
Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/ErsYpcEjQD
—Cameron Winklevoss (@cameron) July 4, 2023
To provide some context, hundreds of thousands of crypto exchange Gemini customers had been tied up for more than 900 million dollars of cryptocurrencies in the “Gemini Earn” program designed in partnership with Genesisone of the subsidiaries of the Digital Currency Group (which also owns the CoinDesk media as well as the companies Foundry, Grayscale and Luno), and which offered up to 8% returns.
Unfortunately, Genesis officially declared bankruptcy last January following the many events that littered the year 2022, starting with the collapse of Terra (LUNA), leaving its fifty creditors in the dark. with a total debt exceeding $3.4 billion. Gemini remains its primary creditor in terms of amount owed.
Cameron Winklevoss, through this ” best and latest offer “, proposes to Barry Silbert to cut the payment with a first payment of 275 million dollars, a second of 355 million dollars with a maturity fixed at 2 years and finally a last of 835 million dollars, this time with a fixed maturity at 5.
However, DCG’s response is proving difficult to predict, as the giant failed to settle its previous $630 million owed to its own Genesis subsidiary last May.
👉 Discover our selection of the best wallets to secure your cryptocurrencies
Discover ZenGo
$10 Bitcoin bonus from $200 deposit 🔥
Cameron Winklevoss doesn’t mince words
Visibly tired of the situation and the dodges of the CEO of Digital Currency Group – which he has already criticized on numerous occasions -, Cameron Winklevoss did not go there with the back of the spoon in his letter, accusing Barry Silbert of evading responsibility while pushing back the inevitable deadlineall without worrying about its customers:
“Since the day Genesis closed its withdrawal doors, you never intended to find a comprehensive and consensual solution with creditors and Earn users. And you never intended to do the right thing and take responsibility for the mess you, your businesses and your employees have created through your reckless and fraudulent behavior. Instead, you’ve spent the last 8 months buying time so you can raise money and bully creditors and Earn users again. »
If Barry Silbert has not accepted the offer by July 6 at 11 p.m., Gemini will take legal action against itself and DCG the next day.
👉 Read also – Coinbase supports BlackRock for its Bitcoin spot ETF: its action explodes on the rise
Buy crypto on eToro
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
779 items
