On Monday, Cameron Winklevoss, the Co-Founder of the crypto exchange Gemini, accused Digital Currency Group CEO Barry Silbert of “bad faith stall tactics” in resolving the payment of a $900 million debt.
The publicly posted letter from one of the Winklevoss twins to Silbert alleged that Gemini had waited six weeks trying to bring Genesis Global Capital and its parent company Digital Currency Group for a discussion on the repayment but failed.
“For the past six weeks, we have done everything we can to engage with you in good faith and collaborative manner in order to reach a consensual resolution for you to pay back the $900 million that you owe, while helping you preserve your business,” Winklevoss’ letter stated. “However, it is now becoming clear that you have been engaging in bad faith stall tactics.”
Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/kouAviTho4
— Cameron Winklevoss (@cameron) January 2, 2023
Winklevoss revealed that Gemini sent two payment proposals to Silbert and his companies but has yet to receive a response or willingness to resolve the issue. He added: “Every time we ask you for tangible engagement, you hide behind lawyers, investment bankers, and process. After six weeks, your behavior is not only completely unacceptable, it is unconscionable.”
According to Winklevoss, Digital Currency Group’s subsidiary, Genesis, owes $1.675 billion to Gemini, which belongs to “Earn users and other creditors.”
Silbert also responded to the allegations, twitting that DCG “did not borrow $1.675 billion from Genesis” and the company never missed an interest payment deadline. However, Winklevoss challenged these claims, revealing Genesis borrowed the proceeds with promissory notes.
There you go again. Stop trying to pretend that you and DCG are innocent bystanders and had nothing to do with creating this mess. It’s completely disingenuous.
So how does DCG owe Genesis $1.675 billion if it didn’t borrow the money? Oh right, that promissory note…
— Cameron Winklevoss (@cameron) January 2, 2023
Class Action Arbitration Request
In response to the public feud between Winklevoss and Silbert, three Genesis earn users have filed a class action arbitration request against Genesis Global Capital and Digital Currency Group. They…
