Gemini Vs Genesis: Winklevoss Sets $1.465B Ultimatum in Explosive Letter

• Cameron Winklevoss, the co-founder of the Gemini exchange, has issued a blistering open letter to Barry Silbert, founder of Digital Currency Group (DCG) and Genesis.
• The open letter accuses Silbert of intentionally misleading creditors and users about DCG’s ability to absorb losses caused by the collapse of Three Arrows Capital Ltd (3AC).
• Winklevoss claims that while he’s been making motions towards a resolution, Silbert’s real intention is to drag the issue into court and buy time for paying down a $630 million loan DCG owes Genesis.

Gemini Vs Genesis: Winklevoss Pens Explosive Open Letter

Cameron Winklevoss, the co-founder of the Gemini exchange, has launched an open letter addressed to Barry Silbert, founder of Digital Currency Group (DCG) and Genesis. In this explosive letter, Winklevoss accuses Silbert of intentionally misleading creditors and users about DCG’s ability to absorb losses caused by the collapse of Three Arrows Capital Ltd (3AC).

Accusations Against Barry Silbert

Winklevoss claims that instead of taking responsibility for 3AC’s failure, Silbert shuffled papers around and created a long-dated promissory note with no immediate payment sent out. It is alleged that his true intentions are to drag out any potential resolution in order to buy time for paying down a $630 million loan DCG owes Genesis.

Ultimatum Set For July 6th

In response to these accusations against him, Winklevoss has issued a best and final offer worth $1.465 billion as an ultimatum set for July 6th. This could be the beginning of a legal battle for the ages if this dispute is not settled soon.

Background Of The Dispute

The dispute between Gemini Exchange and Digital Currency Group began when Three Arrows Capital Ltd collapsed in May 2022. Gemini Exchange was one of many creditors who suffered losses from this event while Digital Currency Group was one of many companies associated with it at some point or another.

Conclusion

Although Barry Silbert has denied all allegations made against him in Cameron Winklevoss‘ open letter, it remains unclear what will happen if he fails to comply with its terms by July 6th. If these two parties cannot come up with an agreement outside court soon enough then it could lead to further legal disputes over who should take responsibility for 3AC’s downfall.