- Cameron Winklevoss proposes a final offer for Genesis to pay a nearly $1.5 billion settlement to Gemini Earn users.
- Despite a 30-day mediation process, no viable solutions were achieved, prompting Winklevoss to share a “Best and Final Offer” on Twitter.
- Winklevoss invites DCG’s CEO, Barry Silbert, to a Twitter Space discussion to accept the offer, with potential legal action if declined.
In a recent tweet, Cameron Winklevoss, one of the co-founders of the Gemini crypto exchange, put forward an “ultimate proposal” amid the ongoing discussions of a debt restructuring plan for bankrupt crypto lender Genesis, a subsidiary of the Digital Currency Group (DCG). The outcome of this proposal and the potential legal ramifications against DCG hang in the balance as the deadline approaches.
Just two days back, Cameron Winklevoss tweeted an open letter to DCG’S CEO Barry Silbert:
Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/ErsYpcEjQD— Cameron Winklevoss (@cameron) July 4, 2023
Despite Genesis initially setting a target to emerge from bankruptcy by May, it has yet to finalize an agreement with its creditors regarding a restructuring plan. Gemini, Genesis’ largest creditor, is actively pursuing the recovery of over $1.1 billion owed to them.
Winklevoss expressed frustration in the letter regarding the ongoing delays from DCG in formulating a viable proposal to repay Genesis creditors, which includes customers enrolled in Gemini’s Earn program.
Gemini did initiate a 30-day mediation process with Genesis and the Digital Currency Group (DCG) in May to address the outstanding debt owed to Earn users. However, despite the efforts, no viable solutions were achieved during this period.
Winklevoss took to Twitter to share the “Best and Final Offer – July 3, 2023,” outlining a comprehensive plan. The proposed solution entails payments and loans totaling $1.465 billion, denominated in both traditional currency as well as cryptocurrencies such as BTC and ETH.
Yesterday, Winklevoss took to Twitter once again, inviting Barry Silbert to a Twitter Space to discuss the Best and Final Offer. Cameron stated:
No lawyers. No advisors. Just friends. I know Earn users would love to hear from you. You can be the first to tell them if you’re accepting the deal. Let me know when you’re free!
Barry Silbert is yet to respond to this invite. The deadline to reach a consensus on this offer is set for 4 PM on July 6. Should Silbert decline the offer, Winklevoss will initiate filing lawsuits against DCG and Barry Silbert himself, pursuing a turnover motion and implementing a non-consensual plan with a strict timeline.
It remains to be seen how Silbert will respond and whether a resolution can be reached before the deadline today.
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