Winklevoss slams DCG’s Silbert — Not even SBF was ‘capable of such delusion’

Cameron Winklevoss, founder and CEO of cryptocurrency exchange Gemini, has again threatened to sue Digital Currency Group and its CEO Barry Silbert for delays in resolving funds owed to Gemini by bankrupt lender Genesis , and blasted the CEO for allegedly trying to play the victim card.

In an “Open Letter to Barry Silbert” dated July 4, Winklevoss claimed that DCG businesses engaged in “fraudulent practices” through a “culture of lies and deceit” to the detriment of Gemini’s 232,000 Earn users.

Among the allegations, Winklevoss’ strongly worded letter claims Silbert deliberately delayed the resolution by “abusing” the mediation process, stating:

“Mediation has allowed DCG to indefinitely forgive $630 million of its debt to Genesis — and for free.”

Most disturbing, Winklevoss said, was Silbert’s apparent claim to be a “victim” of the disaster.

“It takes a special kind 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,” Winklevoss said, adding:

Not even Sam Bankman-Fried could pull off the illusion. “

DCG’s Genesis is a lender to the Gemini Exchange Earn program, which promises returns of up to 8% to savers. However, on Nov. 16, Genesis announced it was temporarily suspending withdrawals, citing “unprecedented volatility in the market.”

Genesis then filed for bankruptcy on Jan. 19, and Gemini seeks to recover billions of dollars in debt Genesis has owed creditors since then.

However, after what Winklevoss described as numerous delays, he appears to have had enough.

“I’m writing to tell you that your game is over,” Winklevoss said, explaining that professional fees have now “skyrocketed” to more than $100 million at the expense of points and earning users. “Enough is enough.”

Winklevoss has now given Silbert an ultimatum to accept his firm’s “best and final offer” by July 6 at 4 p.m. day to face litigation.

Cameron Winklevoss’ final offer to DCG.Source: Twitter

The offer calls 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, since the proposed Five years from the date of the Program Support Agreement. Winklevoss.

The total payments will amount to $1.47 billion.

related: Gemini and Genesis File to Dismiss SEC Lawsuit Against Earn Products

Winklevoss wants payments in bitcoin (BTC), ethereum (ETH) and U.S. dollars (USD), with funds from Genesis Global Trading, potential payouts from the bankruptcy estate of FTX and Alameda Research in addition to Avalanche, which it may be entitled to from three Acquired (AVAX) and Near (NEAR) tokens from the bankruptcy estate of Arrow Capital.

Cointelegraph reached out to DCG for comment but did not immediately hear back.

Magazine: Unstable currencies: Decoupling, bank runs and other risks loom