Cameron Winklevoss, who co-founded crypto exchange Gemini Trust with his twin brother, on Monday accused Digital Currency Group (DCG) CEO Barry Silbert of “malicious delaying tactics” and urged him to commit to a $900 million solution Dollars (approximately Rs. 7,450 crore) to settle disputed client assets by 8th January.
Twins has partnered with crypto firm DCG to create a crypto lending product called Earn genesis. Genesis halted customer withdrawals in November following the collapse of the major crypto exchange FTX.
Winklevoss said that Genesis owes more than $900 million to approximately 340,000 Earn investors and that he has been trying to reach an “amicable resolution” with Silbert for the past six weeks.
“However, it is now clear that you engaged in malicious stall tactics,” Winklevoss wrote in an open letter to Silbert posted to Twitter.
“We ask that you publicly commit to working together to resolve this issue by January 8, 2023,” he added. The letter did not say what would happen if an agreement was not reached by Jan. 8.
Winklevoss wrote that DCG owed Genesis $1.675 billion (approx.
Silbert responded in a tweet that DCG did not borrow $1.675 billion from Genesis.
“DCG has never missed an interest payment to Genesis and is current on all outstanding loans,” Silbert said, adding that DCG submitted a proposal to Genesis and Winklevoss advisors on Dec. 29 and received no response.
Genesis wrote in a letter to clients Dec. 7 that it was working to preserve client assets and strengthen liquidity, adding that it would take “weeks rather than days” to create a plan.
© Thomson Reuters 2023
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