Gemini CEO Winklevoss Demands $1.47 Billion From its Creditor DCG's Silbert

Gemini CEO Cameron Winklevoss threatens to sue Digital Currency Group (DCG) and its CEO Barry Silbert, accusing them of fraudulent behavior and delaying a settlement for Genesis, which owes a large sum to Gemini's customers.

In an open letter on July 4, Winklevoss blamed DCG for lying and deceiving, causing harm to Gemini’s 232,000 Earn users. He accused Silbert of purposefully slowing down the resolution process, stating that the discussions has allowed DCG to delay repaying $630 million it owes Genesis.

Winklevoss criticized Silbert for acting as the "victim" in the situation, stating, "It takes a special kind of person to owe $3.3 billion dollars to hundreds of thousands of people and believe... that they are some kind of victim."

Genesis, operated by DCG, was the lender for Gemini's Earn program, promising high returns to depositors. But Genesis suspended withdrawals last November due to market problems and later filed for bankruptcy in January. Since then, Gemini has been trying to get back its share of the money Genesis owes to creditors.

Winklevoss now warns Silbert that the delays and Excuses are over. He states that the legal costs have already reached over $100 million at the expense of creditors and Earn users, and declared, "Enough is enough." 

He has given Silbert a final offer: Accept Gemini’s proposal by July 6 or face a lawsuit the next day. The proposal calls for DCG to pay $1.47 billion in installments over the next five years.

Continuing his proposal, Winklevoss demands the payments in Bitcoin, Ether, and US dollars. The funds should come from several sources: Genesis Global Trading, potential payouts from the bankruptcy estates of FTX and Alameda Research, and any Avalanche and Near tokens claimed from Three Arrows Capital's bankruptcy estate.