The co-founder of crypto exchange Gemini, Cameron Winklevoss, said that they had made a ‘final offer’ in their negotiations with Genesis, the bankrupt digital asset company, over its debt restructuring.
Discussions have been taking place for months and the offer is meant to put an end to the mediations. The offer includes new loans and forbearance payments worth $1.465 billion.
These would be denominated in Ethereum (ETH), Bitcoin (BTC) and also USD.
The Gemini co-founder
The co-founder of Gemini, Cameron Winklevoss, wrote an open letter to the founder of Digital Currency Group (DCG), Barry Silbert.
DCG owns Grayscale, the crypto asset manager, as well as the now-bankrupt Genesis. In the letter, Winklevoss expressed his frustration over the delays in coming up with a suitable repayment plan for creditors of Genesis.
He further alleged that DCG had engaged in fraudulent behavior and also accused Barry Silbert of fostering a culture of deceit and lies.
Customers of the Earn Program of the Gemini exchange are also included in the offer. Genesis had been the primary lending partner in the high-yield investment service before withdrawals were suspended in November 2022.
Gemini stated in May that DCG had defaulted on its obligations, as it did not make a debt payment of $630 million.
According to Cameron Winklevoss, it is ‘game over’ for both Silbert and DCG. He claims that since they have failed to find a resolution, it has also seen professional fees increase.
The co-founder of Gemini stated that the fees has exceeded the $100 million mark and has been paid to advisors and lawyers at the expense of Earn users and creditors.
He shared the document that highlights what he claims is their best offer. It outlines a plan that involves loans and payments worth $1.465 billion.
A deadline of July 6th was given for accepting the said offer and he stated that a lawsuit would be filed against Silbert and DCG if they do not accept it.
The other demands that have been put forward by the crypto exchange include immediate payment to Earn users and creditors of the $630 million owed to them.
The next demand is for the Genesis Special Committee filing a turnover motion putting DCG in default, thereby fulfilling its fiduciary duties. The deadline for the said motion filing is July 7th.
In his closing remarks, the crypto exchange’s co-founder said that in the last few months, Silbert had exhibited a lot of bad behavior.
However, he said that the most disturbing part was that the founder of DCG had opted to play the victim card.
The Gemini co-founder went as far as saying that even Sam Bankman-Fried had not been as delusional as Barry Silbert.
The tussle between Gemini and Genesis has been ongoing for quite a while, as it started last year when the Gemini Earn program was shut down because of Genesis.
This is not the first time that Cameron Winklevoss has criticized Barry Silbert and how he has been running his companies.