BlocksInform
The breakup between the exchange of gemini and the genesis of the crypto lender, and by extension, the digital money group (dcg), has intensified in recent weeks. Now, with clients and creditors gemini turn the heat on the stock market to get their funds back, Co-founder Cameron Winklevoss took the fight directly to DCG while he gave them an ultimatum to pay back the funds due.
A week to come up with 900 million dollars.
Cameron, half the famous Winklevoss twins who founded the Gemini cryptoexchange, took on Twitter to post a scathing reply to DCG CEO Barry Silbert. When the genesis negotiation, which exists under the dcg umbrella, interrupted the withdrawals, it had blocked more than 340,000 gemini ear users. This has now been over a month and there has been no progress or indication of when these clients could withdraw their funds.
In the letter, Cameron told DCG that it had one week to return all of the money owed to his exchange. Apparently, the co-founder of Gemini wants the company to give back all of the $900 million so that it can return it to the clients. The founder told Silbert he had until January 8th to pay back the money.
Six weeks ago, we have done everything we can to engage you in a 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 keep your company going. We understand that any restructuring comes with start-up costs and that sometimes things don't move as quickly as we all would like. But it is now clear that you have resorted to delaying tactics in bad faith.
The letter also laid charges against the CEO with respect to his handling of the matter to date. He alleged that Silbert had used the funds due "to fund the redemptions of greedy shares, illiquid risk exposures, and suicide grayscale navigation trades», Cameron said Silbert did it all for himself.
Are you going to give Gemini the money?
At this point, only about four days remain in the ultimatum winklevoss has given Silbert. He has already tweeted in denial of allegations that DCG owes Genesis more than $1.6 billion. But it's not a question of whether she's going to honour the ultimatum or not.
Let's get back to work. Stop pretending that you and DCG are innocent bystanders and that this isn't about this mess. This is so dishonest.
So how does DCG owe Genesis $1.675 billion if they haven't borrowed it? Oh right, that promissory note…
— Cameron Winklevoss (@cameron) January 2, 2023
Gemini is already confronted with the repercussions of its clients on withdrawals during a break. The applicants in the case allege that the cryptocurrency exchange had offered non-registered securities with its "interest-bearing accounts" without providing investors with the proper documentation necessary to make an informed decision.
Other users have gone another route and filed a request for a class-action arbitration against Genesis and DCG claiming that the company had violated the Master Agreement since it knew it was insolvent six months ago but had covered it up and continued to accept deposits.
