Crypto Exchange Gemini founder and CEO Cameron Winklevoss again threatens to sue Digital Currency Group and its CEO Barry Silbert over delays in resolving Genesis for its Earn clients, while criticizing the CEO for allegedly trying to play the victim's letter.
In the July 3 "Open Letter to Barry Silbert," Winklevoss alleged that DCG had engaged in "fraudulent behavior" through a "culture of lies and deceit," which came at the expense of the 232,000 users. from Gemini's Earn.
Earn update: an open letter to @BarrySilbert pic.twitter.com/ErsYpcEjQD
โCameron Winklevoss (@cameron) July 4, 2023
Among the allegations, Winklevoss's strongly redacted letter alleges that Silbert intentionally delayed resolution through "abuse" of the mediation process, stating:
"The mediation has given DCG indefinite leniency on the $630 million it owes Genesis, free of charge."
Most disturbing, according to Winklevoss, has been Silbert's apparent claim to be the "victim" of the debacle.
โIt takes a special type of person to owe $3.3 billion to hundreds of thousands of people and believe, or at least pretend to believe, that they are some kind of victim,โ Winklevoss said, adding:
Not even Sam Bankman-Fried was capable of such a delusion.
DCG's Genesis was the lender behind the Gemini Exchange's Earn program, a product that promised returns of up to 8% to depositors. However, on November 16, Genesis announced it. withdrawals temporarily suspended citing "unprecedented market turmoil". genesis later declared bankrupt on January 19.
genesis later declared bankrupt on January 19, with Gemini seeking to recover its share of the billions owed by Genesis to creditors since then.
However, after what Winklevoss described as multiple delays, he seems to have had enough.
โI am writing to let you know that your games are over,โ Winklevoss said, explaining that professional fees have now โskyrocketedโ to over $100 million at the expense of Earn credits and users. "Enough is enough."
Winklevoss has now given Silbert an ultimatum, accept his firm's "best and last offer" by 4 pm ET on July 6, or face lawsuit on July 7.
The offer called for DCG to make a payment of $275 million by July 21, an additional $355 million by July 21, 2025, and a final payment of $835 million by July 21, 2028, five years from the date Winklevoss' proposed "Plan Support Agreement."
full payment will come to $1.47 billion.
Related: Gemini, Genesis File to Dismiss SEC Lawsuit Against Earn Product
Winklevoss wants payments to be made in the form of Bitcoin (BTC) Ether (ETH) and the US dollar (USD), with funds coming from Genesis Global Trading, potential payments from FTX and the bankrupt properties of Alameda Research, plus Avalanche (AVAX) And near (NEAR) tokens you may be entitled to from the Three Arrows Capital bankruptcy estate.
Cointelegraph reached out to DCG for comment but did not receive an immediate response.
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