The co-founder of the Gemini cryptocurrency exchange, Cameron Winklevoss, tweeted what he called a “final offer” in the debt-restructuring talks involving the insolvent digital asset firm Genesis. This plan for $1.5 billion in forbearance payments and new loans brought months of discussions and mediation to an end.A “Open Letter to Barry Silbert,” the creator of Digital Currency Group (DCG), which owns Genesis and the sizable crypto asset manager Grayscale, was released by Winklevoss on Twitter on Monday.
In the letter, Winklevoss criticized DCG for taking too long to come up with a feasible plan to pay back Genesis’ debtors, who included users of Gemini’s Earn program.Additionally, DCG neglected to pay Genesis $630 million.In a document titled “Best and Final Offer – July 3, 2023,” Winklevoss shared the general framework of a scheme that asks for $1.465 billion in payments and loans that will be made in dollars, bitcoin, and ether.According to the letter, the agreement must be made by July 6 at 4 p.m.
“I write to inform you that your games are over,” Winklevoss wrote in the letter. “In addition to dragging out a resolution, they have ballooned professional fees to over $100 million, all of which have gone to lawyers and advisors at the expense of creditors and Earn users.”
Genesis disclosed more over $3 billion in claims to its top 50 creditors in a court filing from January.About $1.2 billion is owed to Earn users, claims Winklevoss.Reaching DCG for comment was not successful right away.Winklevoss warned in the letter that failure to accept “this deal” by the deadline might result in legal action being taken against DCG and Silbert personally, as well as efforts to force DCG into default and the creation of a “non-consensual” debt-repayment scheme.