Cameron Winklevoss, co-founder of Gemini crypto exchange, tweeted what he described as the “final proposal” in debt restructuring talks regarding bankrupt crypto asset firm Genesis. He also lashed out at Barry Silbert, the DCG founder behind Genesis. Thus, he brought the months of negotiations and mediation to the top with a plan of 1.5 billion dollars.
Cameron Winklevoss: DCG engaged in fraudulent behavior
Crypto entrepreneur Cameron Winklevoss accused Digital Currency Group founder Barry Silbert of committing fraud in a harsh open letter. In his latest open letter to Silbert, Gemini’s co-founder accused Silbert and DCG of promoting a culture of lies and deception and misleading the crypto holding’s shareholders and creditors. The latest development comes six months after Winklevoss penned the first open letter to Barry Silbert.
Cameron Winklevoss took to Twitter earlier today to share his open letter to Barry Silbert with more than 700,000 followers. Winklevoss noted that the letter is on behalf of 232,000 Gemini Earn users who have been stranded since DCG-owned Genesis suspended withdrawals last year. Silbert’s crypto giant owes Earn users exactly $1.2 billion. The Gemini co-founder reminded Silbert that his company owed another $2.1 billion to other creditors. He used the following expressions:
It takes a special person to owe $3.3 billion to hundreds of thousands of people and to believe, or at least pretend to believe, that they are some kind of victim. Not even Sam Bankman-Fried was swayed by such an illusion.
Crypto billionaire proposes configuration plan
Winklevoss accused Digital Currency Group of committing fraudulent conduct, citing false and misleading statements made by Silbert and his associates to hide Genesis’ bankruptcy and financial health. Under the restructuring plan proposed by Cameron Winklevoss, DCG’s $630 million debt to Genesis will be split into two parts: a $275 million down payment due on or before July 21, 2023.
The deferral payment will be followed by Tranche 1 payment of $355 million, due within 2 years from the Plan Support Agreement (PSA) date. Then comes the 2nd tranche payment of $835 million, which will be due within 5 years from the effective date of the PSA. This slice includes a $25 million discount. According to Winklevoss, Silbert’s failure to comply with the restructuring plan will result in lawsuits against DCG and himself personally.
In a January filing, Genesis listed it would receive more than $3 billion to its 50 largest creditors. According to Winklevoss, Earn owes its users about $1.2 billion. cryptocoin.com As we reported, Cameron and Tyler Winklevoss became billionaires by adding Bitcoin to their portfolios early on. The brothers, who are already known to come from wealthy families, co-founded Gemini, one of the popular cryptocurrency exchanges. They are currently very active in the field.
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