Cameron Winklevoss, co-founder of the Gemini exchange, proposed a prepayment and restructuring of Genesis’s approximately $1.5 billion debt in a tweet, calling it a final offer. The tweet follows months of negotiations and mediation about the debt of the bankrupt crypto lending and interest platform Genesis to users of the exchange’s Earn program.
An Open Letter to Barry Silbert: This is the Final Call
Winklevoss shared an “Open Letter” on his personal Twitter account today aimed at Barry Silbert, founder of Digital Currency Group (DCG) which owns Genesis and the major digital asset management company, Grayscale.
In his letter, Winklevoss complained about DCG’s delays in finding a satisfactory plan to repay Genesis creditors, including Gemini’s Earn program customers, and noted DCG’s failure to make a $630 million payment to Genesis.
The Gemini co-founder tweeted a document titled “Best and Final Offer – July 3, 2023,” outlining a plan proposing a payment of $1.465 billion in USD, Bitcoin (BTC), and Ethereum (ETH). The letter indicates that Silbert’s deadline to accept the deal will expire on July 6, at 7:00 PM. Winklevoss added that the consequences of not accepting the offered deal by the stated deadline could include a personal lawsuit against DCG and Silbert, putting DCG in default, and initiating a debt repayment plan without consent.
In his letter, Winklevoss stated, “I write to inform you that your games have come to an end. In addition to stalling a solution, you have increased professional fees over $100 million, all of which has gone to lawyers and consultants instead of creditors and Genesis Earn program users.”
Genesis Owes $1.2 Billion to Gemini Earn Program Users
Genesis had stated in its bankruptcy filing in January that it owes more than $3 billion to its 50 largest creditors. According to Winklevoss, the company owes approximately $1.2 billion to Gemini Earn program users.
