Crypto feud escalates: Winklevoss demands billions from Genesis and DCG

At the end of last year, the merciless bear market also became too much for Genesis. The crypto company filed for bankruptcy and duped creditors have since been embroiled in an endless lawsuit and are still waiting for their money. Crypto exchange Gemini from the well-known Winklevoss twins is also one of these creditors. After months of fruitless negotiations, Cameron Winklevoss makes one last attempt.

Last offer to DCG

According to Winklevoss, Genesis owes $1.2 billion to Gemini customers. Winklevoss has one open letter sent to Barry Silbert, founder of Digital Currency Group (DCG), the parent company of Genesis. In the letter, he accuses Silbert and DCG of default and makes one last offer to settle the matter.

“I am writing to inform you that your games are over. In addition to delaying a solution, they have allowed the professional costs to run up to more than 100 million dollars. All this money, which belongs to creditors, has ended up with lawyers and consultants.”

Winklevoss said in the open letter. Winklevoss posted a document titled “latest and best offer” on Twitter. The document outlines a plan for the payment of nearly $1.5 billion in the form of instant payments, loans, bitcoin (BTC) and ethereum (ETH). Silbert and DCG have until July 6 to accept the offer.

Winklevoss is furious

If DCG does not agree, this may have consequences for DCG and Silbert itself. Winklevoss indicates in the open letter that this could lead to a lawsuit against DCG and Silbert. DCG could also be forced into a ‘non-consensual’ payment program.

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Winklevoss is clearly fed up with Silbert. In the open letter, he compares Silbert, among others, to Sam Bankman-Fried, the former CEO of FTX.

“Only one particular person can owe $3.3 billion to hundreds of thousands of individuals and believe or pretend to be a victim. Not even Sam Bankman-Fried was capable of such deceit.”

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