Cameron Winklevoss, the co-founder of the popular crypto exchange Gemini, has issued a stern ultimatum to Barry Silbert, founder of Digital Currency Group (DCG).
In a public letter, Winklevoss demanded the repayment of a staggering $1.46 billion debt owed by DCG, or else face legal action.
The dispute revolves around over $1.2 billion worth of assets stuck in Genesis Global, a company owned by DCG, which has left Gemini Earn users in a state of uncertainty.
Winklevoss’s final offer to DCG includes a demand for payments totaling $1.465 billion, with a significant portion due by July 21.
The proposal also emphasizes the urgency of the situation and warns that failure to agree to the deal by July 6 will result in a lawsuit filed by Gemini against DCG and Silbert on July 7. Winklevoss asserts that this offer is fair and reasonable, representing the minimum that creditors would accept.
The conflict between Gemini and DCG stems from Gemini’s lending of customer funds to Genesis as part of its retail Earn program.
After Genesis Global filed for Chapter 11 bankruptcy earlier this year, Gemini threatened legal action against DCG and Silbert.
DCG, which faced its own credit crisis in the crypto market, has been in negotiations with Genesis creditors but failed to make a $630 million payment in May.
Gemini recently provided an update stating that the mediation period has been extended to July 5 in order to determine DCG’s contribution.
The exchange expressed disappointment in the prolonged negotiations and a commitment to hold DCG accountable for the owed funds and compensate the Earn lenders affected by Genesis’s failure to return assets. As of now, both DCG and Genesis have not responded to requests for comment.
