Winklevoss demands $1.47B payment from DCG in open letter to Silbert.

Founder and CEO of Gemini crypto exchange, Cameron Winklevoss, has written an open letter to Digital Currency Group (DCG) CEO Barry Silbert. The letter, dated July 3, criticizes Silbert for consistently portraying himself as the victim despite being at fault.

Winklevoss accuses DCG of operating with a “culture of lies and deceit” and highlights the negative impact of their fraudulent actions on Gemini’s 232,000 Earn customers.

It is reported that Earn customers have over $1.2 billion worth of assets trapped in the bankrupt Genesis Global, which is owned by DCG.

Winklevoss Lists Demands and Issues Ultimatum to Silbert

In the letter, Winklevoss demands that DCG repay a total debt of $1.46 billion or face legal action. The repayment plan includes a $630 million payment that was due in May.

As a gesture of goodwill, Winklevoss suggests that payments can be made in three installments. The first payment of $275 million must be made by July 21. An additional payment of $355 million is due before July 21, 2025. Finally, a payment of $835 million is required by July 21, 2028, five years from now.

The letter states that this offer is Gemini’s final proposal, and if Silbert does not respond by 4 p.m. ET on July 6, the matter will be taken to court. Winklevoss writes:

“This proposal is fair and reasonable for everyone and represents the minimum that creditors, who are required to support a deal, will accept.”

Winklevoss and Gemini prefer the payments to be made in Bitcoin (BTC), Ether (ETH), and the United States dollar (USD). They also request that the funds come directly from entities associated with Genesis, FTX, and Three Arrows Capital (3AC), which have all gone bankrupt.

The Issue at Hand

Gemini was lending customer funds to DCG’s Genesis as part of its retail Earn program. However, complications arose when DCG became entangled in the credit crisis that affected the crypto industry last year.

In November, Genesis announced the temporary suspension of withdrawals and subsequently filed for bankruptcy on January 19. Since then, Gemini has been trying to recover its portion of the debt owed by Genesis to its creditors.

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